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1 Faculty of Business Economics and Entrepreneurship EEE 2016

EMPLOYMENT, EDUCATION AND

ENTREPRENEURSHIP

27-29 October 2016 Belgrade Serbia

BOOK OF ABSTRACTS


EMPLOYMENT, EDUCATION AND ENTREPRENEURSHIP

27-29 October 2016 Belgrade Serbia

ENTREPRENEURSHIP: TYPES, CURRENT TRENDS AND FUTURE

PERSPECTIVES

Editors:

Academician Professor Mirjana Radovic-Markovic, PhD

Full Professor Imani Silver Kyaruzi, PhD

Assistant Professor Zorana Nikitovic, PhD

ACHIEVING EXCELLENCE IN EDUCATION, EMPLOYMENT AND

HUMAN RESOURCE MANAGEMENT

Editors:

Academician Professor Slavko Karavidic, PhD

Full Professor Snezhana Ilieva, PhD

Associate Professor Marija Cukanovic Karavidic

SERBIAN ROAD TO THE EU :FINANCE, INSURANCE AND

MONETARY POLICY

Editors:

Full Professor Milan Beslac

Assistant Professor Dusan Cogoljevic, PhD

Assistant Professor Ivan Piljan, PhD

STUDENTS ABSTRACTS

Editors:

Full Professor Edita Kastratovic, PhD

Associate Professor Dragan Milosevic, PhD

http://www.google.rs/url?sa=t&rct=j&q=&esrc=s&source=web&cd=9&cad=rja&uact=8&ved=0ahUKEwiHjfysiIrPAhWBnBoKHStOCggQFghgMAg&url=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Ffandd%2F2014%2F03%2Fmoghadam.htm&usg=AFQjCNFKFcC5Wl-3mem_N0WxXR_1q43Fog&sig2=7pHiCJghFOQCqWfc8KHawQ&bvm=bv.132479545,d.d2s


Faculty of Business Economics and Entrepreneurship (BEE), Belgrade, Serbia, www.vspep.edu.rs

International Research Institute for Social Entrepreneurship & Economic Development (IRISEED), Birmingham, United Kingdom, www.iriseed.org

International College of Interdisciplinary Sciences, United States,

www.americanschoolofgenealogy.com

Institute of Economic Sciences, Belgrade, Serbia, www.ien.bg.ac.rs

Belgrade Banking Academy, Belgrade, Serbia, www.bba.edu.rs

Faculty of Entrepreneurship, University of Tehran, Iran, www.ut.ac.ir

University of Business Engineering and Management, Banja Luka, Bosnia i Hercegovina, www.univerzitetpim.com

Sofia University,,St.Kliment Ohridski,, Faculty of Philosophy, Sofia, Bulgaria,

www.phls.uni-sofia.bg

ECSB - European Council for Small Business and Entrepreneurship, School of Economics, University of Turku, Finland, www.ecsb.org

Jointly organize

The Fifth International Scientific Conference

EMPLOYMENT, EDUCATION AND ENTREPRENEURSHIP (EEE 2016)


INTERNATIONAL SCIENTIFIC COMMITTEE:

Academician Professor Mirjana Radovic Markovic, PhD, Faculty of Business Economics

and Entrepreneurship, Belgrade, Serbia (President of the Scientific Committee)

Academician Professor Radmila Grozdanic, PhD, Faculty of Business Economics and

Entrepreneurship, Belgrade, Serbia

Academician Professor Slavko Karavidic, PhD, Faculty of Business Economics and


Full Professor Imani Silver Kyaruzi, PhD, Institute of Social Entrepreneurship

(IRESEED), Great Britain

Full Professor Ayinla Omolaja Muhammed, PhD, International College of Management

and Technology, Nigeria

Full Professor Ugur Demiray, PhD, Anadolia University, Turkey

Full Professor Emine Demiray, PhD, Anadolia University, Turkey

Full Professor Nezameddin Faghih, PhD, Faculty of Entrepreneurship, University of

Tehran, Iran

Full Professor Radovan Pejanovic, PhD, University of Novi Sad, Serbia

Full Professor Edita Kastratovic, PhD, Faculty of Business Economics and


Full Professor Radojko Lukic, PhD, Faculty of Economics, University of Belgrade, Serbia

Full Professor Hasan Hanic, PhD, Belgrade Banking Academy, Belgrade, Serbia

Full Professor Snezhana Ilieva, PhD, St.Kliment Ohridski University in Sofia, Bulgaria

Full Professor Boufeldja Ghiat, PhD, Faculty of Social Sciences Oran University, Oran,

Algeria

Full Professor José G. Vargas-Hernández PhD, University Center for Economic and

Managerial Sciences, University of Guadalajara,Guadalajara, Jalisco, México

Full Professor Yoana Yankulova, PhD, St.Kliment Ohridski University in Sofia, Bulgaria

Full Professor Milan Krstic, PhD, Faculty of Business Economics and Entrepreneurship,

Belgrade, Serbia

Full Professor Slavoljub Sljivic, PhD, Faculty of Business Economics and


Full Professor Milan Beslac, PhD, Faculty of Business Economics and Entrepreneurship,

Belgrade, Serbia

Associate Professor Beatrice Avolio, PhD, Faculty of Entrepreneurship, Centrum Católica,

Lima, Peru

Associate Professor Mohammad Reza Zali, PhD, Faculty of Entrepreneurship, University

of Tehran, Iran

Associate Professor Neila Holland, PhD, Stratford University, Virginia, USA

Associate Professor Raghu Bir Bista, PhD, Tribhuvan University, Kathmandu, Nepal

Associate Professor Dragana Vojteski - Kljenak, PhD, Faculty of Business Economics and


Associate Professor Isiaka Esema, PhD, Prentice Nigeria Ltd, Lagos, Nigeria

Associate Professor Dragan Milosevic, PhD, Faculty of Business Economics and


Assistant Professor Zorana Nikitovic, PhD, Faculty of Business Economics and



Assistant Professor Reza Mohammadkazemi, PhD, Faculty of Entrepreneurship,

University of Tehran, Iran

Assistant Professor Almir Pestek, PhD, Faculty of Economics, University of Sarajevo,

Bosnia and Herzegovina

Assistant Professor Vera Karadjova, PhD, Faculty of Tourism and Hospitality, Ohrid,

Macedonia

Assistant Professor Zélia Breda, PhD, Department of Economics, Management and

Industrial Engineering of the University of Aveiro, Aveiro, Portugal

Assistant Professor Carmine D’Arconte, PhD, Faculty of Economics, University of Rome

Three, Italy

Assistant Professor Neven Vidakovic, PhD, EFFECTUS University College, for Law and

Finance, Croatia

Assistant Professor Vihra Naydenova, PhD, St.Kliment Ohridski University in Sofia, Bulgaria

Assistant Professor Ana Opacic, PhD, Faculty of Business Economics and


Lecturer Vasileus Kallinterakis, PhD, University of Liverpool Management School,

Liverpool, Great Britain

Lecturer Dusan Markovic, PhD, Belgrade Business School, Belgrade, Serbia

Jovan Zubovic, PhD, Institute of Economic Sciences, Belgrade, Serbia

Marko Malovic, PhD, Institute of Economic Sciences, Belgrade, Serbia

Ivana Domazet, PhD, Institute of Economic Sciences, Belgrade, Serbia

Sladjana Vujicic, MA, Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia

Lecturer Aidin Salamzadeh, MSc, Faculty of Entrepreneurship, University of Tehran, Iran

ORGANIZING COMMITTEE:

Assistant Professor Dusan Cogoljevic, PhD, Faculty of Business Economics and

Entrepreneurship, Belgrade, Serbia (President of the Organizing Committee)

Full Professor Jovan Zivadinovic, PhD, Faculty of Business Economics and


Assistant Professor Dragica Jovancevic, PhD, Faculty of Business Economics and


Assistant Professor Djordje Minkov, PhD, Faculty of Business Economics and

Entrepreneurship, Belgrade, Serbia, PR of the Conference

Aleksandra Golubovic Stojanovic, MSc, Faculty of Business Economics and


Marija Markovic Blagojevic, MA, Faculty of Business Economics and Entrepreneurship,

Belgrade, Serbia

Katarina Radosavljevic, MA, Faculty of Business Economics and Entrepreneurship,

Belgrade, Serbia

Assistant Professor Snezana Moretic Mitic, PhD, Faculty of Business Economics and


Kruna Petric, Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia

EEE 2016 Faculty of Business Economics and Entrepreneurship 8

PUBLISHING AND ORGANIZACION

Faculty of Business Economics and Entrepreneurship

8 Mitropolita Petra Street

11000 Belgrade, Serbia

ISBN 978-1-4951-7656-2

PERSON RESPONSIBLEFOR PUBLISHING

Full Professor Jovan Zivadinovic, PhD, Faculty of Business Economics and


Printing 250 copies

Copyright© 2016

Faculty of Business Economics and Entrepreneurship, Belgrade.

All rights reserved.


CONTENTS

ENTREPRENEURSHIP: TYPES, CURRENT TRENDS AND

FUTURE PERSPECTIVES

CORPORATE ENTREPRENEURSHIP IN SERBIAN PUBLIC

SECTOR ...................................................................................................... 21

LJILJANA KONTIC

DJORDJE VIDICKI

IDENTIFICATION OF SUPPORTIVE SOCIAL AND LEGAL

ENVIRONMENT FOR SOCIAL ENTREPRENEURSHIP

DEVELOPMENT IN THE REPUBLIC OF SERBIA .............................. 22

JOVANKA POPOVIC

VLADO RADIC

IMPORTANCE OF INCLUSION OF PERSONS WITH

DISABILITIES IN AN ENTREPRENEURIAL ENVIRONMENT ......... 23

MILAN DRAGIC

EDITA KASTRATOVIC

WOMEN’S EMPOWERMENT THROUGH

ENTREPRENEURSHIP IN ALGERIA .................................................... 24

BOUFELDJA GHIAT

ENTERPRISES: NECESSITY OR OPPORTUNITY TO WOMEN

EMPOWERMENT & HAPPINESS: A CASE OF WESTERN

NEPAL ......................................................................................................... 25

RAGHU BIR BISTA

WOMEN IN DEVELOPMENT AND WOMEN EMPOWERMENT:

A GENDER ANALYSIS ............................................................................. 26

ISAAC ELIJAH ESEMA

DIJANA JOVANOVIC

ON THE PROBLEM OF GENDER PSYCHLOGY OF

LEADERSHIP ............................................................................................ 27

TAMARA AKHRIAMKINA

ANASTASSIA LINKOVA


CONNECTING TRANSFORMATIONAL LEADERSHIP,

EMPOWERMENT AND COMMITMENT TO CHANGE -

THEORETICAL REVIEW ......................................................................... 28

NEBOJSA ZAKIC

SLADJANA VUJICIC

SITUATIONAL ANALYSIS IN THE FUNCTION OF

DEVELOPING COMPANY COMPETITIVE ADVANTAGE ................. 29

ZVONKO BRNJAS

IVANA TRIPUNOSKI

THE POSSIBILITY OF APPLYING BUSINESS INTELLIGENCE

IN HIGHER EDUCATION ........................................................................ 30

JOVAN ZIVADINOVIC

ZORICA MEDIC

IMPROVING BUSINESS BY APPLYING BIG DATA

TECHNOLOGIES AND BUSINESS INTELLIGENCE .......................... 31

ZORICA MEDIC

JOVAN ZIVADINOVIC

MODELING ENTREPRENEURIAL EDUCATION AND

ENTREPRENEURIAL SKILLS AS ANTECEDENTS OF

INTENTION TOWARDS ENTREPRENEURIAL BEHAVIOUR IN

SINGLE MOTHERS: A PLS-SEM APPROACH ..................................... 32

MUHAMMAD SHOAIB FAROOQ

MIRJANA RADOVIC-MARKOVIC

MANAGING STRATEGY AND ORGANIZATIONAL CULTURE

IN A FINANCIAL COMPANY IN BULGARIA ....................................... 33

TSVETELINA ALEXANDROVA-PANCHELIEVA

CRITICAL ASPECTS IN BUSINESS COMMUNICATION ................... 34

CARMINE D’ARCONTE

HOW A COMMUNICATOR’S EMOTIONAL INTELLIGENCE

CAN IMPROVE THE PROCESS OF KNOWLEDGE SHARING .......... 35

VESNA BALTEZAREVIC

RADOSLAV BALTEZAREVIC


SECURE COMMUNICATION ARCHITECTURE OF INTERNET

OF EVERYTHING (IOE) IN DEVELOPING COUNTRIES .................. 36

ASIM MAJEED

IMANI SILVER KYARUZI

FUNKE BANIGO

CARLA CLARKE

VIRTUAL COMMUNICATION’S SKILLS - VIEW THROUGH

THE SOCIAL MEDIA AND SITUATION IN SERBIA ........................... 38

RADOSLAV BALTEZAREVIC

VESNA BALTEZAREVIC

INFORMATION AND COMMUNICATION TECHNOLOGIES

AND SOCIO-ECONOMIC DEVELOPMENT .......................................... 39

ANA SKORUP

MILAN KRSTIC

FEATURES OF GOOD MANAGEMENT INFORMATION .................. 40

MUHAMMAD OMOLAJA

DUSAN MARKOVIC

MITAR LUTOVAC

HOW TO SUCCESSFULLY NEGOTİATE PRİCES İN BUSİNESS

TRANSACTİONS ........................................................................................ 41

IOANA ANDRIEVICI

AN ATTEMPT OF GROUP DECISION MAKING PROCESS

OPTIMIZATION: THE PROPOSAL OF SINGLE–PEAKEDNESS ...... 42

KATARINA MAJSTOROVIC

THE IMPACT OF LEADERSHIP STYLES ON

ORGANISATIONAL PERFORMANCE WITHIN MULTI-

NATIONAL COMPANIES BASED IN THE UNITED KINGDOM ....... 43

IMANI SILVER KYARUZI

SAMUEL OSEI-NIMO

VICTORIA SYKES

ASIM MAJEED

ONBOARDING AND MENTORING PROCESS – EXAMPLES

FROM BUSINESS ORGANIZATION IN BULGARIA ........................... 44

VIHRA NAYDENOVA


RELATIONSHIP BETWEEN INNOVATIVENESS AND TIME

ORIENTATION OF THE CONSUMER ................................................... 45

TATYANA YORDANOVA

CRM AND CUSTOMER RETENTION STRATEGY ............................... 46

ZORANA NIKITOVIC

SVETLANA MILUTINOVIC

THE ROLE OF STRATEGIC PLANNING IN GOOD

ENTREPRENEURSHIP DEVELOPMENT ............................................. 47

IGBOZURUIKE THEOPHILUS ONYEKWERE

DEJAN RADULOVIC

OPPORTUNITIES FOR SMALL BUSINESS GROWTH IN

GREEN ECONOMY AND SUSTAINABLE DEVELOPMENT IN

SERBIA ....................................................................................................... 48

MIRJANA RADOVIC-MARKOVIC

GORDANA RADOVIC

A STRUCTURED APPROACH OF RISK MANAGEMENT IS

CRUCIAL FOR SURVIVAL AND SUSTAINABLE GROWTH OF

A BUSINESS ENTERPRISE ..................................................................... 49

REENA AGRAWAL

CLUSTER SUPPLY CHAIN: THE CASE OF SERBIAN

AUTOMOTIVE INDUSTRY ...................................................................... 50

ISIDORA BERAHA

SONJA DJURICIN

PROVIDING OF STABILITY FUNDING AS A PREREQUISITE

FOR THE DEVELOPMENT OF SMALL AND MIDDLE

ENTERPRISES ........................................................................................... 51

ZDENKA DUDIC

VLADIMIR MIRKOVIC

INFLUENCE OF PRIVATE EQUITY AND VENTURE CAPITAL

ON THE DEVELOPMENT OF SMEs ...................................................... 52

MARIJA DJEKIC

MILAN GAVRILOVIC

SANCTIONS WARS AS A FACTOR IN THE DEVELOPMENT

OF AGRICULTURE IN FHERUSSIAN FEDERATION ........................ 53

EKATERINA DARDA


THE STATE AND PERSPECTIVES OF DEVELOPMENT OF

THE CREATIVE INDUSTRY OF SERBIA .............................................. 54

MILAN KRSTIC

ANA SKORUP

ACHIEVING EXCELLENCE IN EDUCATION, EMPLOYMENT

AND HUMAN RESOURCE MANAGEMENT ......................................... 55

EDUCATION IN THE FIELD OF SOCIAL – HUMANISTIC

SCIENCE IN THE DIGITAL ERA ........................................................... 57

ZORAN BAJIC

ANA BAJIC PREDOLAC

HUMAN CAPITAL AND DESCENTRALIZATION OF

EDUCATION - THE CASE FOR TLAJOMULCO DE ZÚÑIGA,

JALISCO ..................................................................................................... 58

JOSÉ G. VARGAS-HERNÁNDEZ

VÍCTOR HUGO GARCÍA OLIVA

EMOTIONS AND CAREER ANCHORS DURING THE

PROFESSIONAL TRAINING IN UNIVERSITIES ................................. 59

YOANA YANKULOVA

YAVOR ILIEV

DEVELOPING NONVERBAL INTELLIGENCE: TEENAGERS’

CAPACITY OF DECODING AND UTILIZING GESTURES ................. 60

MIHAELA LILIANA STROE

ENTREPRENEURSHIP AND THE IMPORTANCE OF EARLY

ENTREPRENEURIAL EDUCATION IN ITS DEVELOPMENT .......... 61

DUSAN GARABINOVIC

MARIJA MARKOVIC BLAGOJEVIC

IMPACT OF LEADERSHIP STYLE ON THE

ORGANIZATIONAL COMMITMENT OF FACULTY MEMBERS

IN THE INDIAN HIGHER EDUCATION CONTEXT ........................... 62

ARUN ANTONY

N SANDHYA

KNOWLEDGE AND SKILLS FOR RE-INDUSTRIALIZATION

AND AGRARIZATION IN SERBIA ......................................................... 63

SLAVKO KARAVIDIC

MARIJA CUKANOVIC-KARAVIDIC


CHANGES IN THE HUMAN RESOURCE MANAGEMENT

PRACTICES AND WORK MOTIVATION IN ACADEMIC

ENVIRONMENT1 ...................................................................................... 64

SNEZHANA ILIEVA

IRINA TOPUZOVA

MOTIVATION OF EMPLOYEES IN FUNCTION OF

IMPROVEMENT OF INTERNAL COMMUNICATIONS AND

ETHICS ....................................................................................................... 65

DJORDJE ILIC

SLAVICA ANDJELIC

ENTERPRISE INNOVATION IMPACT ON EMPLOYEE

PERMORMANCE AND SATISFACTION ............................................... 66

VALERIA VITANOVA

RAMIRO GOMEZ

INDIVIDUAL AND ORGANIZATIONAL DIFFERENCES IN

COUNTER-PRODUCTIVE WORK BEHAVIORS ................................... 67

ERGYUL TAIR

TANYA PETKOVA

KALOYAN VELINOV

PROMOTING VALUES AS A STRATEGY TO INCREASE

EMPLOYEES' RETENTION IN NON-PROFIT ORGANIZATION,

EMPIRICAL STUDY IN KUWAIT ........................................................... 68

RAMI AL-ASADI

HESHAM GAD

THE IMPACT OF CAPITAL OF ILLEGAL ORIGIN USED IN

PRIVATISATION ON EMPLOYMENT IN SERBIA .............................. 69

SLOBODAN RADONJIC

MIODRAG TODOROVIC

REWARD SYSTEM IN THE SERVICE OF KNOWLEDGE

MANAGEMENT ......................................................................................... 70

DRAGANA BUVAC

IVANA MATIC


IMPACTS OF THE ICT-A ON GLOBALIZATION, THE WAY OF

LIVING, CHANGE THE STRUCTURE OF BUSINESS

PROCESSES AND EMPLOYMENT ......................................................... 71

DRAGAN MILOSEVIC

BRANKO MARKOVIC

YOUTH CO-OPERATIVES IN COURT PRACTICE IN THE

REPUBLIC OF SERBIA ............................................................................ 72

ZORAN RADULOVIC

SLAVOLJUB SLJIVIC

SERBIAN ROAD TO THE EU: FINANCE, INSURANCE AND

MONETARY POLICY

SPECIFICS OF OBSTACLES OF SERBIA ON ITS PATH

TOWARDS EU ............................................................................................ 75

MILAN BESLAC

JOVICA BESLAC

IMPROVING THE ECONOMY – THE PATH TO THE

EUROPEAN UNION .................................................................................. 76

VLADIMIR RISTANOVIC

STEFAN ZIMONJIC

PUBLIC SECTOR MANAGEMENT AND ECONOMIC

COOPERATION WITH EU IN CONTEMPORARY DEVELOPING

COUNTRIES ............................................................................................... 77

YULIANNA VOLOSHYNA

BERISLAV ANDRLIC

MARIO HAK

INSURANCE – KEY STRATEGY FOR MANAGING

CATASTROPHIC RISKS ........................................................................... 78

VERA KARADJOVA

ACTUARIAL TARIFF FORMATION BASICS FOR LIFE

INSURANCE PRODUCTS ......................................................................... 79

DUSAN COGOLJEVIC

TATJANA PILJAN

THE CONFIDENCE OF USERS IN PUBLIC AND PRIVATE

HEALTH FACILITIES .............................................................................. 80

TATJANA PILJAN

MILICA ZIVKOVIC


ACTUARIAL ASSESSMENT OF TECHNICAL RESERVES IN

NON-LIFE INSURANCE .......................................................................... 81

IVAN PILJAN

DUSAN COGOLJEVIC

ASYMMETRIC INFORMATION INFLUENCE ON EFFICIENCY

OF CAPITAL MARKET ............................................................................. 82

JELENA MINOVIC

IMPORTANCE OF BANK MARKETING INFORMATION

SYSTEM (BMIS) IN MODERN BANKING ............................................. 83

SANJA KOSTEVSKI

NEVENA JOVANOVIC

PUBLIC SECTOR WAGE PREMIUM IN SERBIA: EVIDENCE

FROM SILC DATA .................................................................................... 84

MARKO VLADISAVLJEVIC

DRAGICA JOVANCEVIC

THE IMPACT OF THE CREDIT POLICY OF BANKS AND

INCENTIVE FUNDS ON MSMEs SECTOR GROWTH IN

SERBIA ....................................................................................................... 85

DEJAN RADULOVIC

RENATA PINDZO

FINANCIAL ANALYSIS OF DIFFERENT CATEGORIES OF

FARM IN SELECTED AREAS OF MYMENSINGH DISTRICT .......... 86

LIMON DEB

MOHAMMAD SHAJAHAN KABIR

MOHAMMAD ASADUZZAMAN

MOHAMMAD HOMAYUN KABIR

TOURIST FACILITIES AS A INNOVATIVE FACTORS OF

DEVELOPMENT RURAL ENTREPRENEURSHIP IN THE

REPUBLIC OF SERBIA ............................................................................ 87

RADOVAN PEJANOVIC

GORDANA RADOVIC

PROJECTION ON EXCISE REVENUE GENERATION IN THE

BUDGET OF THE REPUBLIC OF SERBIA FROM 2016 TO 2030 ..... 88

MIRJANA STEVANOVIC

JELENA BARAC


STUDENTS ABSTRACTS

TYPES OF DIRECT MARKETING IN CONTEMPORARY

BUSINESS CONDITIONS ......................................................................... 91

DUSAN GARABINOVIC

THE INFLUENCE OF INNOVATIONS ON THE

DEVELOPMENT OF ENTREPRENEURSHIP ...................................... 92

NATALIJA CVRKOTIC

JOVANA MIJALKOVIC

ENTREPRENEURSHIP – THE FUTURE OF MODERN

SOCIETY ..................................................................................................... 93

JOVANA FELIKS

HARMONIZATION AND STANDARDIZATION OF

ACCOUNTING AND AUDITING PRACTICE ........................................ 94

PREDRAG SUVAKOV

VIDOSAVA SEKICKI

THE FISCAL CHARACTER OF THE EXCISE AND ITS

INFLUENCE ON THE CONSUMPTION AND SOCIAL

POLITICS IN THE REPUBLIC OF SERBIA .......................................... 95

TAMARA VESIC


ENTREPRENEURSHIP: TYPES, CURRENT TRENDS AND FUTURE

PERSPECTIVES


CORPORATE ENTREPRENEURSHIP IN SERBIAN PUBLIC SECTOR

Ljiljana Kontic1,

Djordje Vidicki2

ABSTRACT

This paper presents an empirical study and analysis of corporate

entrepreneurship within Serbia public sector. Many authors have pointed that

corporate entrepreneurship can be interpreted and measured in many different

ways. The research instrument named Corporate Entrepreneurship Assessment

Instrument (CEAI), developed in the USA, is used to assess organizational

potential for a corporate entrepreneurship. Regarding different characteristics of

national cultures, the main aim of this study was to investigate the construct

validity of CEAI in case of Serbia. The objective of the study was the attitudes

regarding innovation from managers from four public organizations. Data analysis

was conducted using SPSS Statistics 19.0. The research findings revealed possible

practical implementation of CEAI in Serbian organizations. From a theoretical

perspective, the study represents an important step in understanding the internal

factors of entrepreneurship in Serbian organizations. The results of research

contribute to the literature on corporate entrepreneurship by documenting the

existence of an underlying set five stable organizational factors that should be

recognized. The study limitations are also suggested.

Key words: Corporate Entrepreneurship, Public Sector, Innovation,

Organizational Culture, Serbia

JEL Classification: L26, M14

1Union University, Faculty of Legal and Business Studies, Novi Sad, Serbia,

[email protected] 2Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected]


IDENTIFICATION OF SUPPORTIVE SOCIAL AND LEGAL ENVIRONMENT FOR SOCIAL

ENTREPRENEURSHIP DEVELOPMENT IN THE REPUBLIC OF SERBIA

Jovanka Popovic3

Vlado Radic4

ABSTRACT

Present innovative movements induce periodic changes, which are obvious to

remark and naturally, inevitable to happen. Precisely for these reasons, the paper

aims to present social entrepreneurship as an innovative means of resolving social,

economic, health, educational and ecological problems in the Republic of Serbia.

This is possible to achieve only through unification and use of sustainable business

models.

The goal of the paper is focused on the synthesis of theoretical facts and

assumptions, and seeks to identify opportunities for the development of social

entrepreneurship in Serbia through the theoretical development concept, providing

ideas on the possible creation of the conditions and environment for successful

market performance, by accomplishing social enterprises development, as well as

willingness to primarily establish them.

The paper’s basic mission is to display the potential of social

entrepreneurship, as well as to initiate the introductory steps for creating a

favorable social and legal environment for the development of social

entrepreneurship in Serbia.

Key words: Social Entrepreneurship, Social Enterprises, Social Environment,

Legal Environment, Development

JEL Classification: M13, Z13

3Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected] 4Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected]


IMPORTANCE OF INCLUSION OF PERSONS WITH DISABILITIES IN AN ENTREPRENEURIAL

ENVIRONMENT

Milan Dragic5,

Edita Kastratovic6

ABSTRACT

The maturity of a society is reflected in the implementing of social equality in

all aspects of social life, including employment. The aim of this paper is to analyze

equality in the employment of persons with disabilities as well as the analysis of

social responsibility and the potential opportunities in this regard. The survey was

conducted by way of the interviewing technique. The research included a

descriptive and comparative statistics statistical analysis of data. This research has

enabled insight into the willingness of persons with disabilities to be included in

the entrepreneurial environment. It also emphasizes the importance of their

socialization, as well as from an ethical as well as economic interests of the

company.

Key words: Employment, Persons with Disabilities, Equality, Social

Responsibility

JEL Classification: L26

5Faculty of Business Economics and Entrepreneurship, Belgrade, Srbija, [email protected] 6Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected]


WOMEN’S EMPOWERMENT THROUGH ENTREPRENEURSHIP IN ALGERIA

Boufeldja Ghiat7

ABSTRACT

The marginalisation of women in most developing countries, obstruct their

social and economic development. The traditional culture is the cause for the

spread of illiteracy, unawareness and the lack of material incomes. As a result of

this fact, the women suffer from a position of weakness, dependency on men in a

males’ society. The expansion of education amongst young girls helped an

increasing number of them to obtain higher degrees. That allowed them to occupy

jobs and to have an income. As result of the unemployment crisis in Algeria, the

state applied a strategy of encouraging youth in creating their own enterprises.

Algerian educated women became more aware of their situation. That led to an

increasing number of them becoming successful entrepreneurs. This strategy

helped the empowerment of women, allowed them to defend their interests and

occupy senior social and economic positions.

Key words: Women’s entrepreneurship, Women’s empowerment, Males’

society, Women’s work in Algeria

JEL Classification: I24, L26

7Faculty of social sciences, University of Oran II, Algeria, [email protected]


ENTERPRISES: NECESSITY OR OPPORTUNITY TO WOMEN EMPOWERMENT & HAPPINESS: A CASE OF

WESTERN NEPAL

Raghu Bir Bista8

ABSTRACT

Gender Development Index (GDI) of Asia still establishes the development

issue of Gender Disparity in the context of Gender Sensitive Development

Approach. In Nepal, its extremity supported by GDI rank is reflected by her

Western Region, along with their socio economic vulnerability. At some extent,

enterprises have been endorsed in the western region of Nepal. This paper

analyzes whether enterprise is necessity or opportunity throughout examination of

the institution and module of enterprises in agriculture and examination of its

forward and backward linkages with household dynamics and happiness based on

primary data collected from Surkhet, Western Nepal through applying basic

statistical tools. The paper finds mixed scenario in which the high income group

used it an opportunity but the low income group used it necessity to self-

employment because of availability of resources and means. Its positive impact can

be found in women empowerment, vulnerability and household dynamics.

Key words: Gender Development Index, Gender Disparity, Development

Issues, Socio economic vulnerability, Nepal

JEL Classification: J16, J24, L53

8Tribhuvan University, Department of Economics, Kathmandu, Nepal, [email protected]


WOMEN IN DEVELOPMENT AND WOMEN EMPOWERMENT: A GENDER ANALYSIS

Isaac Elijah Esema9

Dijana Jovanovic10

ABSTRACT

The role of women in society has been greatly overseen in the last few decades

but now that role is coming to society’s perspective. In the early days women were

seen as wives who were intended to cook, clean, and take care of the kids. They

were not allowed to vote while men were having jobs and they were paying bills

that had to be paid. Woman should have a bigger role, because they are

responsible for raising children and their socialization. The success and failure of

individual family rests on them. By using the method of description, with empirical

research and comparative analyze we came to certain conclusions. To this extent,

this paper tries to look at the role of women in development and proposed that

women need to be empowered if we need a meaningful and purposeful development

in our society. It proposed that for any nation to be developed, women must be

involved in social, economic, political, religious and educational activities of all

countries. It finally proposed that women must not be marginalized due to their

gender adding that they have a great role to play in reforming and re-structuring

the society for good.

Key words: Development, Women Empowerment, Gender Analysis

JEL Classification: J16

9 Prentice Nigeria Ltd, Lagos, Nigeria, [email protected] 10Belgrade Banking Academy, Belgrade, Serbia, [email protected]


ON THE PROBLEM OF GENDER PSYCHLOGY OF LEADERSHIP

Tamara Akhriamkina11,

Anastassia Linkova12

ABSTRACT

The article provides an analysis of the modern theoretical and practical

research on gender psychology of leadership, summarizes the results of

comparative research of typical leader’s qualities among men and women, and

reviews types of leader styles and their expression among men and women.

Key words: Gender, Leadership, Gender Relations, Masculinity, Femininity,

Style Of Behaviours

JEL Classification: J16, M14

11Samara Branch of the State Autonomous Educational Institution of Higher Education of the city of

Moscow “Moscow City University, Department of Pedagogical and Applied Psychology, Samara,

Russia, [email protected] 12Samara Branch of the State Autonomous Educational Institution of Higher Education of the city of

Moscow “Moscow City University”, Department of General and Social Psychology, Samara Russia


CONNECTING TRANSFORMATIONAL LEADERSHIP, EMPOWERMENT AND COMMITMENT TO CHANGE -

THEORETICAL REVIEW

Nebojsa Zakic13

Sladjana Vujicic14

ABSTRACT

Organizations need to change in order to survive and prosper. The ability to

manage externally and internally generated changes became one of the key

capabilities of modern organizations. Relations between transformational

leadership, empowerment and organizational advantages are the subject of

numerous studies. However, in the context of changes in the relation between

empowerment and transformational leadership and empowerment and commitment

to change, it has not been considered. This paper attempts to fill the gap in the

literature by linking transformational leadership, empowerment and commitment

to change in organizational change through the presentation of theoretical

research of this topic.

Key words: Organizational Changes, Commitment to Change,

Transformational Leadership, Empowerment

JEL Classification: D23, L20, O15

13University Union-Nikola Tesla, Belgrade, Serbia, [email protected] 14Faculty of Business Economy and Entrepreneurship, Belgrade, Serbia, [email protected]


SITUATIONAL ANALYSIS IN THE FUNCTION OF DEVELOPING COMPANY COMPETITIVE ADVANTAGE

Zvonko Brnjas15

Ivana Tripunoski16

ABSTRACT

Competitive advantage is the main goal of a market –oriented company, and

the knowledge of environmental factors is the basic condition for its creation. By

gaining insight into the structure and development trends of factors of external and

internal environment, we create conditions for subsistence, development and

creation of competitive advantage. Given the fact that the modern business

environment is characterized by a high degree of uncertainty, subsistence and

success of the company is primarily determined by the ability of management to

create a strategy that, under the given conditions, contribute to achievement of the

goals. The information obtained by scanning the external environment and

analyses of internal environments are the basis for strategic planning and decision

making. The research results in this paper indicate that the business environment

in Serbia is not sufficiently encouraging for the development of entrepreneurship.

Due to the negative impact of many factors, strategic orientation has been

identified as an essential condition for creating a sustainable competitive

advantage, companies in Serbia.

Key words: Strategic Management, Business Environment, Situation Analysis,

Competitive Advantage, Company


15 Institute of Economic Sciences, Belgrade, Serbia, [email protected] 16 Master of Economy, Belgrade Banking Academy Belgrade, Serbia, [email protected]


THE POSSIBILITY OF APPLYING BUSINESS INTELLIGENCE IN HIGHER EDUCATION

Jovan Zivadinovic17,

Zorica Medic18

ABSTRACT

It is today necessary for all business systems to apply the concept and modern

tools of business intelligence (BI) in knowledge management in order to gain

competitive advantage and survive on the market. The subject of this paper is the

issue of business intelligence which covers processes, technologies and tools which

help us during the transformation of data into information, information into

knowledge and knowledge into plans for managing the organization. Key results are

insights into relevant, accurate and timely information. The ways of using BI in

education from the aspect of promoting planning and control of educational

processes, examining and analyzing educational processes, ad hoc reports, trend

analysis, planning and prognosis in educational processes. Basic objective of this

paper is the application of business intelligence in the promotion of making decisions

based on knowledge. Having in mind the field and objective of this research, methods

that will be used are: inductive and deductive method as the basic logical method

which, during research, enables us to draw certain conclusions about the research

subject and the methodology of object-oriented development of business intelligence

systems which covers: defining requests, analysis, design and implementation of

business processes. Results of this research are reflected in the application of

business intelligence in promoting teaching processes, improving their standards,

more quality decision-making process and managing in educational processes and

applying efficient standardized tools, such as MS Excel and MS Query for more

quality and successful business analysis. In this paper, we used exam results as

indicators of the efficiency of educational processes by analyzing them according to

exam periods, semesters, courses, and grades.

Key words: Business Intelligence, Data Warehouse, Multi-Dimensional

Analysis, Data Mining

JEL Classifications: D80, I21

17 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected] 18 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected]


IMPROVING BUSINESS BY APPLYING BIG DATA TECHNOLOGIES AND BUSINESS INTELLIGENCE

Zorica Medic19

Jovan Zivadinovic20

ABSTRACT

The purpose of this paper is to point out to the role of Big Data concept in the

improvement of the decision-making process, which is not primarily caused by the

size of the data, but also by their diversity and structure, which enables the making

of decisions which are based on knowledge hidden in unstructured and structured

data. In this paper, we tried to clarify the way in which Big Data technologies

enable the analysis of completely new types and sources of data, which have new

characteristics (structure, type, generating speed), but also the essential

application of knowledge, skills and ways in which data are gathered, processed,

analyzed and transformed into information and decisions with the aim to build

competitive advantage on their basis. Topic of this paper is the application of the

Big Data concept and systems of business intelligence which will enable

organizations, which are in the process of building analytical abilities in the digital

era, the collection and analysis of data from web environment and the making of

decisions based on knowledge, with the aim to improve business. Bearing in mind

the area and objective of this research, the methods that will be used in this

research are: inductive and deductive method, as well as basic logical method

which, during research, enables us to draw certain conclusions about the research

topic, and comparative method, in the process of mutual comparison of gaining

information by the Big Data concept and processing them by using business

intelligence technologies. This paper pays special attention to the advantages of

applying Big Data technologies and business intelligence in education, which can

contribute to the increase of quality offered in higher education. In the aim of

forming a general Figure about students, information were gathered from different

sources and for the sake of illustration, in this paper we shall analyze data from the

social network – Facebook.

Key words: Big Data, Unstructured Data, Business Intelligence, Big Data

Experts

JEL Classifications: C80, I21

19Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected] 20Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected]


MODELING ENTREPRENEURIAL EDUCATION AND ENTREPRENEURIAL SKILLS AS ANTECEDENTS OF

INTENTION TOWARDS ENTREPRENEURIAL BEHAVIOUR IN SINGLE MOTHERS: A PLS-SEM

APPROACH

Muhammad Shoaib Farooq21,

Mirjana Radovic-Markovic22

ABSTRACT

Although entrepreneurial behaviour is considered a key element for economic

development; yet very less is known about the determinants of factors leading towards

entrepreneurial intention and behaviour in female entrepreneurs, specifically single

mothers. In order to bridge this gap, this study is aimed to investigate the role of

entrepreneurial education and entrepreneurial skills for determining intention towards

entrepreneurial behaviour in single mothers. Developing on the base of theory of planned

behaviour this study investigates the relationship between entrepreneurial education,

entrepreneurial skills and entrepreneurial intention along with existing constructs of theory

of planned behaviour (i.e. attitude, subjective norms and perceived behavioural control).

Convenience sampling method was used for collecting data from 550 single mothers in two

selected states of Malaysia, i.e. Sabah and Sarawak. In order to assess the proposed model,

this study employed variance based partial least square, structural equation modeling

(PLS-SEM) approach for analyzing responses from single mothers, who completed a

questionnaire designed on the base of Liñán and Chen’s (2009) and Farooq’s (2016)

questionnaire.

Findings of this study have validated the proposed model, which have an explanatory

power of 64.8%. Moreover, findings revealed that entrepreneurial education and

entrepreneurial skills have a significant impact on entrepreneurial intention of single

mothers. However, an un-anticipated and non-significant relation between subjective

norms and entrepreneurial intention was also found. Findings of this study are expected to

have substantial implications for policy makers, future researchers and academicians.

Outcomes of this study can help to better understand the cognitive phenomenon of female

entrepreneurs; specifically single mothers’ attitude towards entrepreneurship. Hence, these

findings are a unique step forward in entrepreneurship body of knowledge and offer new

insights towards better understanding of the determinants of entrepreneurial intention in

single mothers.

Key words: Entrepreneurial Education, Entrepreneurial Skills, Entrepreneurial

Intention, PLS-SEM, Theory of Planned Behaviour

JEL Classification: L26, M13, J24

21Faculty of Economics and Business, University Malaysia Sarawak, Kota Samarahan, Malaysia,

[email protected] 22Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected]


MANAGING STRATEGY AND ORGANIZATIONAL CULTURE IN A FINANCIAL COMPANY IN BULGARIA

Tsvetelina Alexandrova-Panchelieva23

ABSTRACT

This article investigates the characteristics of the organizational culture in a

financial company - an international bank institution. The corporate values in all

the branches of the bank in Bulgaria were examined by using the Organizational

Cultural Assessment Instrument (OCAI). It measures the results on four culture

types: Clan culture, Adhocracy culture, Market culture, and Hierarchy culture.

Results from the bank show that the perceived current values vary from the desired

future ones especially in some of the regions in the country where the company has

offices. A comparative analysis is provided in order to suggest a strategy for

development of the corporate culture according to the participants’ results.

This article is part of a project “Organizational Culture as a Factor for

Development of Psychological Capital” in Sofia University “St.Kliment

Ohridski”, Bulgaria.

Key words: Organizational Culture, Values, Financial Company, Strategy

JEL Classification: M14

23Sofia University “St.Kliment Ohridski”, Sofia, Bulgaria


CRITICAL ASPECTS IN BUSINESS COMMUNICATION

Carmine D’Arconte 24

ABSTRACT

What's the role of communication in business and how do companies tackle

this fundamental issue? While there is little doubt that business communication is a

critical driver for success, especially nowadays in a high competitive and unstable

environment plagued by a persistent economic and financial crisis, companies

seem to make some recurrent mistakes that not only set a serious limit to the

possible benefits they could have from their investments in advertising but that may

also cause a substantial detriment to their image in the market.

In this respect, apart from examining some of the relevant literature on this

topic, we carried out a research to highlight the approach that generally

entrepreneurs show in business communication and the possible impact on

organizations' outcomes.

We stress how in communication the focus should not only be on words (promises

in advertising) but also on deeds (actual behaviour) capitalizing and deepening the

fundamental contribution of Robert Norman and his "moments of truths".

We finally indicate the route that in our opinion should be followed to avoid

recurrent mistakes and have higher redemptions from investments in advertising

and promotional activities.

Key words: Entrepreneurs approach to business communication, Recurring

mistakes in Business communication, Advertising principles and guidelines


24Università di Roma Tre, Faculty of Economics, Rome, Italy, [email protected]


HOW A COMMUNICATOR’S EMOTIONAL INTELLIGENCE CAN IMPROVE THE PROCESS OF

KNOWLEDGE SHARING

Vesna Baltezarevic25,

Radoslav Baltezarevic26

ABSTRACT

The main objective of this paper is to explore the importance of good

communication competence and the emotional intelligence capacity of managers

underpinning the employee motivation processes.

Those most responsible for promoting business communication, managers,

should be able to provide fast and efficient use of all available data and

information, both to the external and the internal environments. The skills of a

good communicator involve the ability to hear the speaker and to adjust the

method of dissemination to the communication style of the interlocutor. Hence,

managers with emotional intelligence uses communication to maintain

relationships, share tacit and explicit knowledge, and exchange information about

emotions, values and motivations. Emotional intelligence has a positive effect on

work group cohesion. The paper presents and discusses the results of a practical

research on the topic the quality of business communication in Serbia.

Key words: Organization, Communication, Knowledge, Emotional

Intelligence, Tacit And Explicit Knowledge

JEL classification: D21, J24, M54

25Faculty of Culture and Media, John Naisbitt University, Belgrade, [email protected] 26American University Middle East Kuwait, Faculty of business administration, Kuwait,

[email protected]


SECURE COMMUNICATION ARCHITECTURE OF INTERNET OF EVERYTHING (IOE) IN DEVELOPING

COUNTRIES

Asim Majeed 27,

Imani Silver Kyaruzi28,

Funke Banigo29,

Carla Clarke30

ABSTRACT

Various global development opportunities have been escalated through the

Internet of Everything (IoE) with the potential of progressing Sustainable

Development goals - dramatically accelerating and improving lives of millions.

The emerging economies of developing countries with minimal investments have

crafted a huge array of IoE technologies strongly demanding interoperability and

interconnectivity that are affordable, scalable and available, significantly

improving people’s quality of life. Growing number of devices requiring

interconnectivity referring to the concept of IoE headed beyond sensors, chips,

computers and smartphones. The modern replete technology has enabled both

synchronous and asynchronous communication without human interaction in many

industrial processes, fleet management, stock exchanges, inventory systems and

environment monitoring regardless of their extensive deployment. Information

Communication Technology (ICT) is a fast evolving industry in developing

countries, offering IoE’s huge potential of transformation and disruption. The

global development challenges have emphasised the need for communication and

due to IoE advancements, long-standing issues (health care, stock, management,

cross-border, technology diffusion etc.) would be surmounted in an affordable and

quick manner. The developing countries would turn-around with the help of a long-

awaited IoE technology aiming at improving their economies and lives of millions

of people.

The key to increased usage is the interconnectedness of diverse range of

devices which formerly were incompatible with each other. The interoperability

[email protected]

28QA Higher Education – Ulster University Birmingham and London Campuses,

[email protected]

[email protected]

[email protected]


between devices has rendered IoE both practical and possible and in accordance

with the international communication standards. Research and industrial

organisations have stipulated the formation of a hyper-connected society where

tens of billions daily life objects and devices would communicate, forming a global

network of smart devices. The successful provision of intelligent and smart devices

through IoE services leads to challenging security concerns especially in

developing countries where communication and devices are cheap but there is a

lack of secure IoE infrastructures. The current paper would envisage a secure

architecture for diversely connected objects within developing countries. A secure

configuration methodology of the bootstrapping scheme is proposed as a solution

in this paper. The bootstrapping scheme is activated as soon as a new object gets

connected to an operational network. This method is feasible to secure the devices

and avoid data exploitation within developing countries where communication

across devices is still lacking protected infrastructures. A review of the Internet of

Everything IoE is represented beneath, along with a brief portrayal of the

applications and difficulties confronted by IoE.

Key words: Internet, Everything, Communication, Secure, Architecture,

Developing, Countries

JEL Classification: D83


VIRTUAL COMMUNICATION’S SKILLS - VIEW THROUGH THE SOCIAL MEDIA AND SITUATION IN

SERBIA

Radoslav Baltezarevic31,

Vesna Baltezarevic32

ABSTRACT

The modern era, although characterized by high productive technological

discoveries, demands a shift towards a genuine human being. Creativity, emotions and

empathy are still attributes associated only with human beings, regardless of whether the

people are involved in face-to-face communication, or communicate via social networks.

Modern technologies have significantly contributed to the redefining of

communication with the support of IT network which increases both the risk and the

value systems conditioning. New communication’s skills are demanded by the new age.

Modern organizations are turning their windows to the outside world, but trust among

business partners is a central premise of modern organizations, because success is

preconditioned by the mutual cooperation. The traditional form of communication the

Internet has drastically changed.

This paper analyzes redefined human communication and the potential in Serbia

for employees adapt to working with new technologies. Authors research the

possibilities for the population in Serbia to adjust to new forms, known as virtual forms

of communications and business. Research included the level of education and

presence in a virtual network in order to determine whether there is potential for

transition to new forms of business.

Methods used in this research were theoretical considerations and the comparison

with existing statistical data.

The expected contribution of this paper is to show that it is necessary to raise the

educational level of the population in Serbia and acquire specific knowledge and skills,

in order to achieve a successful position in a market that is increasingly directed

towards the use of modern technologies.

Key words: Communication, Modern Organizations, The Internet, Virtual

Network, Educational Level

JEL Classification: A13, C71, D21

31American University Middle East Kuwait, Faculty of business administration, Kuwait, e-mail:

[email protected] 32Faculty of Culture and Media, John Naisbitt University, Belgrade, e-mail: [email protected]


INFORMATION AND COMMUNICATION TECHNOLOGIES AND SOCIO-ECONOMIC

DEVELOPMENT

Ana Skorup33

Milan Krstic34

ABSTRACT

Modern information and communication technologies (ICT) are recognized as

a major factor affecting the economic growth and innovation. Transforming society

to information society, ICTs have provided the environment for the growth of

productivity, efficient way to connect people and societies, and to create new

opportunities for improving living standards and also proved that they are a key

prerequisite for economic and social development. Although ICTs are becoming

more universally available, there is still a pronounced digital divide between the

economically and technologically developed countries and developing countries.

Given that today the difference in the development of the countries, social groups

or individuals is in direct relation to the level of application of modern

technologies, countries or their governments must actively work towards reducing

the differences in technological development (in relation to the world and Europe).

Therefore, it is necessary to create a good national strategy for the development of

telecommunications infrastructure and information society, good legal and

institutional base, as well as ongoing activities to improve knowledge and raise

awareness about information society. For this reason, this paper points out some of

the ways of measuring the development and the impact of ICT on the socio-

economic development. Special attention is paid to indicators that indicate the

level of development of information society in Serbia, such as The Network

Readiness Index (NRI) developed by the World Economic Forum and the ICT

Development Index (IDI) developed by the International Telecommunication

Union. These indicators show that the Republic of Serbia in the development of the

information society still has to overcome many obstacles, from infrastructure

development through greater availability of hardware and software resources to

the necessary education.

Key words: ICT, Socio-Economic Development, Indicators, Serbia

JEL Classification: O10, O44

33Faculty of Business Economy and Entrepreneurship Belgrade, Serbia, [email protected] 34Faculty of Business Economy and Entrepreneurship Belgrade, Serbia, [email protected]


FEATURES OF GOOD MANAGEMENT INFORMATION

Muhammad Omolaja35,

Dusan Markovic36,

Mitar Lutovac37

ABSTRACT

There are principal reasons why the concepts of information systems and

information management (MIS) have become subjects of great concern today to

individuals and corporate entities. The major reasons include the fact that modern

organizations have grown to unprecedented complex levels and information plays

a vital role in holding together and co-ordinating organizations even at the global

level. In order to identify benefits of MIS influence on business performance, it is

analysed scientific literature and have been made research synthesis. Authors

pointed out that the high value is attached to information that explains why modern

business organizations are very willing to invest to enhance their information

sector. In other words, they concluded that information has become such a vital

resource in industry and business that modern managers are prepared to accord as

much importance to it as they do to such other cardinal components of their

organizations as raw materials, machines, physical facilities and people.

Key words: Information, Management, Decision-Making Process, Business

Performance


35 Intercontinental University, Wet Africa, [email protected] 36Belgrade Business School, Belgrade, Serbia, [email protected] 37 Facultu of business industrial management “Union - Nikola Tesla” University, Belgrade,

Serbia, [email protected]


HOW TO SUCCESSFULLY NEGOTİATE PRİCES İN BUSİNESS TRANSACTİONS

Ioana Andrievici38

ABSTRACT

You can’t do business without negotiation. Knowing your goals and the goals

of the other party, a “win-win” negotiation is ideal in any business, especially in

the long term partnerships. The companies can gain more if they know how to

create value. One of the most important parts in business negotiation is price

negotiation. The focus though, should not be on the price negotiation only:

concentrating on a single issue, the negotiation becomes distributive or “win-lose”

type, and the business partners might fail in creating value for both of them. This is

why the price negotiation should be integrated in the negotiation strategy as a

whole, but the main issue is: how to obtain the best prices you can get in any deal?

Whether it is a simple car price negotiation or a million dollar deal, we are all

looking for the best prices and usually tend to confuse the whole negotiation

process with the price negotiation. This article points out the best strategies in

business negotiation regarding prices, based on real life business negotiation,

cases and experiences of entrepreneurs, salespeople, managers and negotiators in

any field.

Key words: Negotiation, Business, Price, Deal, Value, Entrepreneurs


38Negotiation trainer & author, Rumunia, www.ioana-consult.ro, [email protected]


AN ATTEMPT OF GROUP DECISION MAKING PROCESS OPTIMIZATION: THE PROPOSAL OF

SINGLE–PEAKEDNESS

Katarina Majstorovic39

ABRSTACT

Very often it happens that business actors are participants in the process of

group decision-making, so it is justified that the researchers devote considerable

attention to the problem of decision-making. It is important that the decision-

making process is reliable, and that means that we can reach the best of the

available options in a given business situation. This goal is difficult to achieve, and

that is why the social choice theory has clearly identified problems concerning

social decission process, namely the arbitrariness of decision rules and

vulnerability to strategic voting. If we follow the conclusion that Arrow has made,

we’ll have to claim that there is no decission rule that meets logic consistancy and

ethical conditions as well. The aim of this paper is to show what is the suggestion

that deliberative democracy has made in order to avoid problems that social

choice theory has identified, and what are the results that such a suggestion could

reach. We are specialy interested in single–peakedness of preferences because of

the well–known finding that voting cycles can be avoided if voters’ rank orderings

are single–peaked.

Key words: Preferences, Group Decision-Making, Decision-Making

Procedures, Deliberative Democracy, Single–Peakedness

JEL Classification: M14, D23

39Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected]


THE IMPACT OF LEADERSHIP STYLES ON ORGANISATIONAL PERFORMANCE WITHIN MULTI-

NATIONAL COMPANIES BASED IN THE UNITED KINGDOM

Imani Silver Kyaruzi40,

Samuel Osei-Nimo41,

Victoria Sykes42,

Asim Majeed43

ABSTRACT

A number of studies on leadership and management have been centred on the

concept of how leaders can directly influence the success and effectiveness of an

organisation; however, it is unclear currently whether this claim is supported by

qualitative evidences. The aim of this paper is, therefore, to identify and evaluate the

possible implications that leadership styles, especially in Multi-National Corporations in

the United Kingdom, have on the overall performance of organisations.

We seek to explore and address these issues using interview data conducted with key

organisational actors in strategic decision-making positions within MNCs. A number of

themes have emerged from the data including; Self-declared leadership style;

Relationship with subordinates; Relationship between leadership style and performance;

Linking transformational leadership and performance. It was observed that whilst

leaders who, through inherent characteristics or life experience have the requisite skills

for successful leadership, the role of further development and coaching cannot be

underestimated. A strong correlation between the transformational leadership style and

organisational success was established. There is also a recognition that different

situations and contexts would make it necessary for different leadership styles to be

employed for task success. The attributes that managers should adopt for developing

their leadership styles effectively, should be those based around flexibility and the ability

to recognise the type of leadership style that is most likely to lead to a successful result

for the task in hand. Future research could employ a larger and more representative

sample of case studies from multinational organisations to fully establish the actual

impact of the leadership style and the performance of such organisations.

Key words: Leadership, Leadership Style, United Kingdom

JEL Classification: M12, M14, D22

40 QA – Ulster University Birmingham and London Campuses, [email protected] 41 [email protected] 42 [email protected] 43 [email protected]


ONBOARDING AND MENTORING PROCESS – EXAMPLES FROM BUSINESS ORGANIZATION IN

BULGARIA

Vihra Naydenova44

ABSTRACT

In the paper the importance of including onboarding and mentoring process

for new employees in business organizations is discussed. Examples of empirical

research of successfully implemented onboarding process in international

organizations in Bulgaria are presented. In the paper the empirical results and

feedback from participants in implemented onboarding programs in a business

organization in Bulgaria are given. Qualitative and quantitative data and

statements from newcomers related to onboarding, mentoring and recruitment

processes are shown.

Key words: Onboarding, Mentoring Programs, Organizations, Examples from

Business


44Sofia University „St. Kliment Ohridski“, Sofia, Bulgaria, [email protected]


RELATIONSHIP BETWEEN INNOVATIVENESS AND TIME ORIENTATION OF THE CONSUMER

Tatyana Yordanova45

ABSTRACT

This report examines the issue of consumer innovativeness and its link to the

time orientation of the individual. Various research approaches are analysed to

determine the essence of consumer innovativeness as personal characteristics and

its manifestation into the innovative behaviour of the consumer. Attention is paid to

the construct of time orientation and its basic dimensions. Results of an empirical

study are presented, held in a sample of 369 Bulgarian respondents, that prove the

existence of a relationship between the constructs discussed herein. More

specifically that the present and the future dimensions of time orientation are both

positively linked to consumer innovativeness, while past time orientation is in a

negative correlation. The report also examines the influence of demographic

factors on time orientation in terms of its relationship with consumer

innovativeness.

Key words: Consumer Innovativeness, Present Time Orientation, Future Time

Orientation, Past Time Orientation, Consumer


45 Sofia University “St. Kliment Ohridski”, Sofia, Bulgaria, e-mail: [email protected]


CRM AND CUSTOMER RETENTION STRATEGY

Zorana Nikitovic46,

Svetlana Milutinovic47

ABSTRACT

Today, more than ever, is a lot more expensive to attract new customers than

to retain the existing ones. Therefore, successful companies are paying a lot of

attention to build and develop long-term relationships with buyers. Companies

should hear out and analyze wishes of their users and see the buyers as partners

with whom companies are striving to build a mutually satisfying business

relationship. Philosophy defined in such a way can result in profit and long-term

cooperation with loyal customers.

An earlier attitude that the company was only creating a product or service

value thanks to its experiential data is now replaced with the attitude that value is

formed by buyers, because value is not only some product’s quality, but also the

overall impression buyers have while using the product or service. For that reason,

a new approach has been created whose objective is a long-term satisfaction of

buyers, i.e. ambition to attract and retain each buyer in addition to making a profit

through discovering their needs, creating adjusted offer and meeting those needs.

CRM (Customer Relationship Management) implies managing relationships

with customers, wherein customers are seen as equal cooperatives and participants

in the creation of business strategies. Namely, each organization that wishes to

stay on the market for a long time and gain competitive advantage, needs to place

customers, buyers, users of their products and services in the center of their

business. Business endeavor starts and ends with the buyer. That is why the topic of

this paper is Customer Relationship Management and ways to, through its

application, influence the retention of buyers, as well as the increase in

organization’s competitiveness.

Key words: CRM, Competitiveness, Customer, Business Success, Customer

Behavior


46Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia,

[email protected] 47MSc, Telekom Srbija a.d., Belgrade, Serbia, [email protected]


THE ROLE OF STRATEGIC PLANNING IN GOOD ENTREPRENEURSHIP DEVELOPMENT

Igbozuruike Theophilus Onyekwere48,

Dejan Radulovic49

ABSTRACT

This paper discussed process of developing strategic plan for entrepreneurs.

Also, the article explores the characteristics of a good strategic plan. We therefore

argue for a synthesis of the disciplines- entrepreneurship, marketing and

organizational management, considering forces and trends in the broader

community, political, social and technological forces; consider opportunities and

challenges related to resources and funders; look at actual and potential

collaborators and competitors which may serve the same neighborhood or target

population. Research is based on primary and secondary sources of information.

Key words: Strategic Planning, Strategy, Entrepreneurship, SME,

Development


48Pebble Hills University, Unitd States, [email protected] 49Business Academy University, Serbia, [email protected]


OPPORTUNITIES FOR SMALL BUSINESS GROWTH IN GREEN ECONOMY AND SUSTAINABLE

DEVELOPMENT IN SERBIA

Mirjana Radovic-Markovic50,

Gordana Radovic51

ABSTRACT

The green economy can help economic diversification and job creation. It is

also a fundamental factor for improving the competitiveness of SMEs. In this

context, every country must improve the business climate, protect the environment,

green its industries as a part of a national strategy to promote the green economy

with a preference for sustainable development. Transitioning to a green economy

requires a new mindset of doing business. The objective of this paper is to identify

further strategies for SMEs development in green economy and activities on

sustainable development in Serbia. The study takes a specific look at a range of

different possibilities to develop green business in the country. The main results of

the research pointed that actions are needed to achieve the investment promotion

and entrepreneurship development in rural areas. In line with this are proposed

measures that should be better articulated within the framework of a national

strategy for promoting a green economy and sustainable development.

Key words: SMEs, Green Economy, Sustainable Development,

Entrepreneurship, Strategy

JEL Classification: Q01, Q57, Q14

50Institute of Economic Sciences, Belgrade, Serbia, [email protected] 51„Dnevnik-Poljoprivrednik“ AD, Novi Sad, Serbia, [email protected]


A STRUCTURED APPROACH OF RISK MANAGEMENT IS CRUCIAL FOR SURVIVAL AND SUSTAINABLE

GROWTH OF A BUSINESS ENTERPRISE

Reena Agrawal52

ABSTRACT

The current research was taken up to explore whether a structured approach

to manage risk was critical for survival and sustainable growth of business

enterprises. The objective of the research was to (1) understand the meaning of the

term ‘risk’, (2) explore the various types of ‘risks’ which are usually confronted by

business enterprises, (3) understand how business enterprises manage their risk,

(4) comprehend the concept of ‘Enterprise Risk Management’ and (5) explore the

growing relevance of ‘Enterprise Risk Management’ for the survival and

sustainable development of business enterprises. The study revealed that in today’s

complex interrelated global business environment the aim of risk management

should not be limited to avoiding or proscribing risk, rather the existence of

business enterprises is contingent on their abilities to anticipate risks and their

preparedness and readiness for imminent transformations. Today the business

enterprises need to reconsider, renovate and rewrite their ongoing planning

mechanism and integrate the facets of risk management in their day to day

business operations. This would not only enhance their ability to foresee the

imminent threats, take informed decisions and mitigate the risks, but would also

ensure survival and sustainable development of the business enterprise in this era

of globalization and global melt down.

Key words: Risk, Types of Risk, Risk Management, Risk Management Process,

Enterprise Risk Management

JEL Classification: G32, L53

52Finance & Accounting and Entrepreneurship, Jaipuria Institute of Management, India,

[email protected], [email protected]


CLUSTER SUPPLY CHAIN: THE CASE OF SERBIAN AUTOMOTIVE INDUSTRY

Isidora Beraha53,

Sonja Djuricin54

ABSTRACT

The cluster supply chain concept is widely used in automotive industry as an effective instrument for the development of local SMEs. As a combination of industrial clusters and supply chain management, cluster supply chain can be referred to as the set of networks comprising of horizontal links between enterprises within a certain industrial cluster, while those networks are sequentially determined by vertical linkages between enterprises. Both clusters and supply chains are based on cooperation, interdependence, mutual learning, knowledge sharing and exchange of ideas. Horizontal cooperation enables SMEs to achieve economies of scale beyond the reach of an individual enterprise, while vertical cooperation enables SMEs to specialize in their core businesses. Closer cooperation between enterprises within the cluster supply chain provides the possibilities for SMEs to overcome the barriers arising from their size, isolation, and the lack of competitiveness. The subject of the research is the implementation of cluster supply chain concept in the Serbian automotive industry. Due to the Fiat investment, the automotive industry when measured in terms of income, employment and export generation is one of the most significant sectors in the Serbian economy. Integration in the Fiat supply chain is a highly promising chance for fostering development of local SMEs. The aim of the research is to analyze the potential positive effects of cluster supply chain creation on the development of local SMEs in the Serbian automotive industry, as well as to provide recommendations for policy makers on necessary measures in order to create such cluster. The methodology used in this paper comprises of analysis as a basic research method and content analysis as a data collection method.

This paper is a part of research projects No. 47009 (European integrations and social and economic changes in Serbian economy on the way to the EU) and No. 179015 (Challenges and prospects of structural changes in Serbia: Strategic directions for economic development and harmonization with EU requirements), financed by the Ministry of Science and Technological Development of the Republic of Serbia.

Key words: Supply Chain, Cluster, Small And Medium-Sized Enterprises, Development, Serbian Automotive Industry

JEL Classification: C38, L62, P42

53Institute of Economic Sciences, Belgrade, Serbia, [email protected] 54Institute of Economic Sciences, Belgrade, Serbia, [email protected]


PROVIDING OF STABILITY FUNDING AS A PREREQUISITE FOR THE DEVELOPMENT OF SMALL

AND MIDDLE ENTERPRISES

Zdenka Dudic55,

Vladimir Mirkovic56

ABSTRACT

Small and middle enterprises sector is a vehicle and driving force of the development of modern economies within European Union countries. Competitive

advantage of small and middle enterprises lies on their dominant characteristics

impersonated in business flexibility and quick adjustment to variable conditions, as well as, in existence of high level of innovations. The development of small and

middle enterprises implies the significant institutional support in all segments. Emerging economies faced with transformation process and turning point toward

market economy did not succeed to develop the sector of small and middle enterprises in satisfactory manner, in order that small and middle enterprises

become the main body of future development. Additionally, large companies in emerging countries collapsed, so the recovery of those countries and their

economies was slow down. In that sense, due to necessity for encouragement of small and middle enterprises development, a lot of countries (Serbia, also) created

long-term strategies toward economy development based on incentives and stimulations in the segment of small and middle enterprises. In order to emphasize

competitive advantages of small and middle enterprises, it is necessary to provide stability and continuity of their operations, namely, there should exist the stable

sources of financing. Small and middle enterprises are mostly relied on traditional funding, i.e. bank’s loans, but nowadays there are some other tendencies. As

European Union recognized the development of small and middle enterprises as very important, in European Union are formed some funds primarily focused on

stimulation of small and middle enterprises sector. Paper accents the importance

of providing of stability funding for small and middle enterprises sector, as well as, their role as a key vehicle of “innovative wave” on which is the competitiveness of

modern economies based on.

Key word: Small and Middle Enterprises, Funding, The Role Of Banks,

Innovations, Serbia

JEL Classification: G32

55Faculty of Technical Sciences, Novi Sad, Serbia, [email protected] 56National Bank of Serbia, Belgrade, Serbia, [email protected]


INFLUENCE OF PRIVATE EQUITY AND VENTURE CAPITAL ON THE DEVELOPMENT OF SMEs

Marija Djekic57,

Milan Gavrilovic58

ABSTRACT

SMEs enterprises are often financed by bank loans and the traditional sources

of financing due to insufficient familiarity of newer alternative funding sources.

Banks and other financial institutions are often reluctant to finance such risky

investments, and when they do, financing conditions are very unfavorable.

The aim of the paper is to identify the possibilities for improving the

functioning of small and medium-sized enterprises, from the point of financing. The

paper deals with the impact of private investors, ie alternative and new sources of

funding on development and performance improvement of entrepreneurial, small

and medium enterprises. This paper describes the advantages and disadvantages of

private equity investment, venture capital funds and Business Angels. I analyzed

the scope and importance of these investments in the world and in our country, as

well as the opportunities and perspectives of investment in enterprises in Serbia.

Also the assessment of the benefits that would bring to economic development of

Serbia and development of small and medium enterprises in the country.

Key words: Financial Institutions, Economic Development, Smes, Private

Equity Investment, Venture Capital Funds

JEL Classification: G23


[email protected] 58Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia,

[email protected]


SANCTIONS WARS AS A FACTOR IN THE DEVELOPMENT OF AGRICULTURE IN FHERUSSIAN

FEDERATION

Ekaterina Darda59

ABSTRACT

In 2014, a ban was imposed on the import of food products of several

countries, as a response to sanctions imposed against Russia, which led to a

significant reduction in the volume of import to Russia agricultural products and

that has resulted in a powerful impetus for the development of domestic

agricultural production. All of the above-mentioned leads to the relevance

research study carried out by the government from the standpoint of determining

the main trends and to assess the impact of the food embargo on the development

of domestic agricultural production. The methodological basis of research

carried out in the article are the statistical methods of analysis of the main

indicators of the development of agriculture, which allow to obtain a quantitative

assessment of the industry.

Key words: Agriculture, Food Embargo, Peasant (Farmer) Households,

Employment In Agriculture

JEL Classification: Q18

59Plekhanov Russian University of Economics, Russia, [email protected]


THE STATE AND PERSPECTIVES OF DEVELOPMENT OF THE CREATIVE INDUSTRY OF SERBIA

Milan Krstic60

,

Ana Skorup61

ABSTRACT

In the era of information society, creativity is becoming an increasingly

important factor and takes on new roles. On one hand, the role of creativity is

reflected in the fact that creativity has a positive influence on innovation which

clearly reflects the competitiveness of businesses, and ultimately contributes to

increasing overall economic activity. On the other hand, the role of creativity

refers to the development of a new segment - the creative industries sector, which

provides about 7 percent of gross domestic product worldwide. That was the

reason to consider and analyze the current state and prospects of further

development of the creative industry in Serbia. Therefore, the authors of this paper

undertook a desktop research based on the study of the available literature

sources, in order to comprehend the current range of this sector as an important

economic activity. The study included theoretical consideration of creativity and

the creative industries with a particular emphasis on the state of development of

creative industries in Serbia. It was concluded that there is a serious gap between

the current state of development and opportunities for further development, which

refers to the insufficient utilization of available resources (available talents, the

education level of employees, the state of intellectual property protection, etc.) and

especially if we take into account the possibility of connecting of mentioned sector

with other economic activities (for example tourism, etc.). One of the main

obstacles to the further development is the very low level of institutionalization of

the sector. It was concluded that further development requires to build up the

institutional framework of creative industries in Serbia. In this sense, the paper

presents a proposal (draft) of above mentioned institutional framework and the

manner of its management.

Key words: Creativity, Creative Industries, Research, Serbia

JEL Klasifikacija: O31, O32

60Faculty of Business Economy and Entrepreneurship, Belgrade, Serbia, [email protected] 61Faculty of Business Economy and Entrepreneurship, Belgrade, Serbia, [email protected]


ACHIEVING EXCELLENCE IN EDUCATION, EMPLOYMENT AND HUMAN RESOURCE

MANAGEMENT


EDUCATION IN THE FIELD OF SOCIAL – HUMANISTIC SCIENCE IN THE DIGITAL ERA

Zoran Bajic62

Ana Bajic Predolac63

ABSTRACT

New epoch (end of 20th century and beginning of the 21st century) is marked

by radical reforms of education systems around the world, especially in highly

developed countries. In the third scientific and technological wave (information

society) and the upcoming fourth ("knowledge society" - "knowledge the function

of creativity") it is necessary to enrich the knowledge with new contents, new

information, new educational technologies (multimedia systems, smart electronic

pads, virtual schools, etc.), new methods of teaching in natural, technical-

technological and biotechnological sciences.

The paper discusses the importance of justification and necessity of

representation of humanistic sciences in the education system of the new era and

indicates the specificity, peculiarity of technological innovations in the

methodology of teaching and presents the results of practical studies of students'

attitudes about the appropriateness and importance of social and humanistic

sciences in education systems of the digital era, including the specifics of new

methods of teaching in them.

Key words: Research, Education, Social Sciences-Humanistic Sciences,

Scientific And Technological Development.

JEL Classification: D 83, I 25

62Higher business school of vocational studies "Radomir Bojković PhD", Krusevac, Serbia,

[email protected] 63Hospitality and Tourism School with boarding students, Vrnjacka Banja, Vrnjacka Banja, Serbia,

[email protected]


HUMAN CAPITAL AND DESCENTRALIZATION OF EDUCATION - THE CASE FOR TLAJOMULCO DE

ZÚÑIGA, JALISCO

José G. Vargas-Hernández64

Víctor Hugo García Oliva65

ABSTRACT

This paper aims to analyze and determine the human capital in the process of

decentralization of education in the municipality of Tlajomulco de Zuniga, Jalisco.

This objective intends to confirm the positive relationship there is between direct

schooling-income intended to measure how variables impact and generate income

variations directly in the progress of the project. So, in the initial human capital

hypothesis regarding schooling in relation to income a new variable that

influences positively integrates. The research is mainly empirical evidence through

mathematical, statistical and economic analysis. The results confirm the theory of

human capital through the impact of a higher level of education on income of

individuals in their work.

Key words: Research, Human Capital, descentralization, México.

JEL Classification: I210, J240

64 Departamento de Administración University Center for Economic and Managerial Sciences,

University of Guadalajara Periférico Norte 799 Edificio G-201-7, Núcleo Universitario Los Belenes

CUCEAZapopan, Jalisco C.P. 45100;México, [email protected],

[email protected],[email protected] 65 Maestría en Negocios y Estudios Económicos Centro Universitario de Ciencias económico

Administrativas, Universidad de Guadalajara


EMOTIONS AND CAREER ANCHORS DURING THE PROFESSIONAL TRAINING IN UNIVERSITIES

Yoana Yankulova66

Yavor Iliev67

ABSTRACT

This publication presents the results of the study of the peculiarities of

emotions and career preferences (anchors) of students in the learning process and

professional training in an academic environment. Two research tools have been

implemented in the course of the psychological study, which covered 475 students

studying various disciplines in different universities. Their psychometric

characteristics and peculiarities of the factor structures have been established as

the results show high reliability and validity in Bulgarian conditions. In addition to

that, specific dependencies that attest to the dominance of positive emotions in the

learning process in the academic environment have been outlined, as well as

career preferences, promoting the development of creative thinking and successful

resolution of challenging tasks.

Key words: Emotions, Positive/ Negative affect, Career preferences (anchors),

Academic environment, Universities

JEL Classification: I20

66 Sofia University “St. Kliment Ohridski”, Bulgaria, [email protected] 67 Sofia University “St. Kliment Ohridski”, Bulgaria


DEVELOPING NONVERBAL INTELLIGENCE: TEENAGERS’ CAPACITY OF DECODING AND

UTILIZING GESTURES

Mihaela Liliana Stroe68

ABSTRACT

Nonverbal Intelligence is a skill that needs to be developed since early age. By

definition, nonverbal intelligence is the ability to observe, to decode and to use

nonverbal signals in your advantage. Teenagers must develop this survival skill for

21st century and in this case study it is described the way in which nonverbal

intelligence is developed in different stages of life (in this case we discuss about

teenagers with ages between 11 and 18 years old) and it puts stress on the way they

decode the significance of the 20 nonverbal hand gestures used in this research

(see the annex 2).

When we know how the teenagers make their selection of hand gestures from

the multitude of nonverbal emblems, their preferences when they give significance

to certain gestures, it leads us to extract precious information about their decoding

systems according to their age and the cultural background (this research is

performed in Romania).

This current study is made in comparison with another previous study for pre-

school children and it reveals the fact that age is an important factor when it comes

to assuming and using certain nonverbal language elements. Most of the times the

general accepted meaning is adopted while sometimes different gestures are

attributed specific meanings. Therefore, alongside the usual channels of reception

and assimilation of certain nonverbal behaviors, such as family, friends, school, an

increasing role is played by mass communication means, such as television.

Key words: Nonverbal Intelligence, Teenagers, Hand Gestures, Emblems,

Cultural Anthropology

JEL Classification: I 25

68 IIC University of Technology, Cambodia, www.mihaelastroe.com, [email protected]


ENTREPRENEURSHIP AND THE IMPORTANCE OF EARLY ENTREPRENEURIAL EDUCATION IN ITS

DEVELOPMENT

Dusan Garabinovic69

Marija Markovic Blagojevic70

ABSTRACT

The society, apart from the way it is considered, represents an interesting compound of

different personalities, activities, situations – all of the things that seem usual at first glance, but

really point out the beauty of the world – its complexity.

The activities that men performed in the past, those going on at the moment and the

ones to be undertaken in the future stem from the motives possessed. In order to meet them,

there are numerous interesting and not less important business ventures. New ventures are

started by individuals or groups led by a vision of a better life, better future where the

existing needs will be met, but some new ones will also arise, the needs to move future

entrepreneurs to start their own business, more or less innovative ventures.

Entrepreneurs are an important part of the entire society. There are just a few real,

true entrepreneurs, which makes them very valuable and necessary to nourish. Education

plays an important role in creating awareness about the significance of creative and

innovative way of thinking which represents the foundation of every entrepreneurial

personality. New knowledge and skills should be acquired throughout the whole life, the

existing ones should be improved – one should learn continuously. Education has a special

importance and influence for young people through directing them into a business they will

do. The way of thinking and the attitudes they will adopt during their education remain for

the whole life and determine the kind of society in the future – the kinds of people that will

make it. The correct way of looking at the reality, the changes appearing in the various

areas of a person’s life and perceive opportunities for advancement and business success –

these are only some of the principles that the young should adopt in order to make a future

world a better, entrepreneurship-based society.

Key words: Entrepreneurship, Youth Entrepreneurship, Education, Early Entrepreneurial

Education, Traditional Educational Model, Contemporary Educational Model

JEL Classification: A20, I20, M50

69 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia,

[email protected] 70 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected]


IMPACT OF LEADERSHIP STYLE ON THE ORGANIZATIONAL COMMITMENT OF FACULTY MEMBERS IN THE INDIAN HIGHER EDUCATION

CONTEXT

Arun Antony71,

N Sandhya72

ABSTRACT

Academic institutions are significantly influenced by the commitment of their

faculty members. Various studies have confirmed that high organizational

commitment is associated with better productivity, greater job satisfaction and

many other positive outcomes for the institution. Leadership style is found to be

one of the key antecedent of organizational commitment. This study explores the

impact of perceived leadership style of the heads of departments on the

organizational commitment of the faculty members in the Indian higher education

context. The research is done in the city of Bangalore from the state of Karnataka,

India. The sample is drawn from the faculty members teaching in different

Universities and affiliated institutions in Bangalore. The leadership style is

measured using the Multi-Factor Leadership Questionnaire developed by Bass and

Avolio and the organizational commitment measured using the Three Component

Model of organizational commitment created by Allen and Meyer. The study has

found that there is positive, varies from weak and moderate levels, and significant

relationship between various components of leadership style with organizational

commitment. The transformational leadership style is found to be influencing both

affective and normative commitment of faculty members. The study reveals that

effective leadership style exhibited by heads of the departments can have positive

impact on the commitment levels of the faculty members which in turn will

contribute towards positive outcomes in the institutions within the higher education

context of India.

Key words: Leadership Style, Organizational Commitment, Transformational,

Transactional, Laissez-faire, Affective commitment, Normative commitment,

Continuous commitment.


71 Christ Institute of Management, Lavasa, Pune, India, [email protected] 72 Nagarjuna College of Engineering & Technology, Bangalore, India, [email protected]


KNOWLEDGE AND SKILLS FOR RE-INDUSTRIALIZATION AND AGRARIZATION IN

SERBIA

Slavko Karavidic73,

Marija Cukanovic-Karavidic74

ABSTRACT

In this paper, we tried to show the importance of education, knowledge and social

skills on an institutional basis and creative modernization of industry and agriculture

and which, with a growing transition contradictions and interest matrices, were at the

complex intersection and facing numerous problems in its development.

Science and education are the main drivers of economic development and its

values and work (content of work and education) is the pivot that connects many

economic activities and represents the whole value of human development - a walk

and flow of its development, the source of value. There we find the particular

importance of the creative power of knowledge and intellectual potential in the

process of re-industrialization and agrarization in Serbia.

Key words: Education, Knowledge, Skills, Industry, Agriculture

JEL Classification: I25,I21, I29

73 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected] 74 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia,

[email protected]


CHANGES IN THE HUMAN RESOURCE MANAGEMENT PRACTICES AND WORK MOTIVATION IN ACADEMIC

ENVIRONMENT1

Snezhana Ilieva76

Irina Topuzova77

ABSTRACT

The study investigates the effect of Human Resource Management (HRM)

practices on the motivation of university professors after changes and reform in the

higher education system. It looked at 218 university professors, 55% of which were

women and 45% were men, all coming from five established universities in

Bulgaria. The study relies on factor analysis in order to establish changes in the

Human Resource Management practices. The result was a differentiation in three

of the factors – changes in the recruitment, evaluation, and faculty promotion

practices, changes in the management styles, and changes in the rewards system.

The major motivational factors for the university professors are associated with the

content of the job itself, the autonomy and the responsibility. The changes in the

management styles and the rewards system are indicative of a strong extrinsic

motivation related to the income, the social relations and the management. The

intrinsic motivation, associated with the job itself, is influenced by the changes in

the recruitment, evaluation and career development practices, and the

management styles and it is not affected by the changes in the rewards system. The

changes in the rewards system are rated very low, which explains to a significant

extent the low level of motivation of the university professors when it comes to

remuneration and income.

Key words: Human Resource Management Practices, Work Motivation,

Organizational Changes, Reform In Higher Education System, Academic Staff

JEL Classification: I 25, J 24, J 28

75 This article is part of the “Organizational culture as a factor for psychological capital

development”, project №228, Faculty of Philosophy / Department of Social, Work and Educational

Psychology / University Centre for Conflict Management and Organizational Research 76 Sofia University “St. Kl. Ohridski”, Sofia, Bulgaria, [email protected] 77 South-West University “Neofit Rilski”, Bulgaria, [email protected]


MOTIVATION OF EMPLOYEES IN FUNCTION OF IMPROVEMENT OF INTERNAL COMMUNICATIONS

AND ETHICS

Djordje Ilic78

Slavica Andjelic79

ABSTRACT

The paper deals with the importance and motivation of human resources in the

modern organization by pointing out the factors that determine the specific

behavior of employees in the workplace. The focus is on strategic planning and

implementation of an increase in satisfaction in the workplace through the

activation of immaterial factors of motivation and self-motivation, by satisfying the

basic needs of the employees. There are proposals for management of the direction

in which they could operate, and how to intervene in order to achieve high-quality,

creative and productive work in a situation of reduced opportunities for financial

rewards, what is currently in country of Serbia. A correlation between motivation

and communication in business is presented through the paper, and thus it is

shown how to do business competitively in today's market conditions. It is also

shown how ethical norms in the organization affect the degree of satisfaction with

business, and how to effectively manage the given issue in order to achieve a

higher level of motivation and therefore the success in business through the

realization of the prestigious results.

Key words: Motivation, Internal Communication, Ethics, Regression,

Correlation

JEL Classification: D01, C83

78 Higher business school of vocational studies "Radomir Bojković PhD", Krusevac,

Serbia,[email protected] 79 Higher business school of vocational studies "Radomir Bojković PhD", Krusevac, Serbia,

[email protected]


ENTERPRISE INNOVATION IMPACT ON EMPLOYEE PERMORMANCE AND SATISFACTION80

Valeria Vitanova81

Ramiro Gomez82

ABSTRACT

This article aims to present the results of the implementation of Kaizen and Six

sigma trainings in a foreign company who operates successfully in the Bulgarian

Labor market. The purpose of the study is to find out what exactly are the

consequences after that these innovative practices has been introduced аt all

hierarchical levels of the organization. Тhe expected result is to benefit the

development of the psychological capital in the organization and the growth of the

company which is trying to strengthen its position as a leader in the competitive

field of the Business Process Outsourcing companies, where the process of hiring

and retention of personnel with good competencies is a big challenge. The

instrument used for the Kaizen culture adoption in the company was the Kaizen

roadmap created after the process of analysis and prioritizing the needs of the

company’s clients on one side and the employees of the company on the other side.

Keywords: Innovation, Kaizen, Six Sigma, Employee Satisfaction, Employee

Performance

JEL Classification: O31, J28

80 This article is part of the “Organizational culture as a factor for psychological capital

development”, project №228, Faculty of Philosophy / Department of Social, Work and Educational

Psychology / University Centre for Conflict Management and Organizational Research 81 Sofia University “St. Kliment Ohridski”, Sofia, Bulgaria, [email protected] 82 Concentrix, Sofia, Bulgaria, [email protected]


INDIVIDUAL AND ORGANIZATIONAL DIFFERENCES IN COUNTER-PRODUCTIVE WORK BEHAVIORS

Ergyul Tair 83

Tanya Petkova84

Kaloyan Velinov85

ABSTRACT

The paper presented two studies on Counter-productive work behavior (CWB)

described typically as intentional behavior that harms the organization or its

members, as work place deviance, etc. Study 1 focused on age, gender and

organizational (e.g. type, size, climate) differences in CWB based on 255

employees from different Bulgarian organizations. Study 2 trace out age, gender

and personality differences in CWB based on smaller sample (N=73) employees

aged from 25 to 55 years old. First, results presented significant individual

differences as men were more ready to engage in almost all measured dimensions

of CWB (withdrawal, sabotage, organizational damage, and verbal aggression)

Also, age differences as 30-39 old in the Study 1 and 30-55 old in Study 2 represent

a greater willingness for violation of the organizational rules. Among the

personality traits as the most significant factor of CWB stood out the introversion,

especially in relation to antisocial behavior and verbal aggression, and to a lesser

extent in terms of withdrawal. Second, the size and type of organization has no

influence on the engagement with CWB but organizational climate has, as clarity

of organizational goals and formalizations has significant but little impact on the

complaints of the employees. Also, the increased organizational requirements for

efforts or increasing organizational rules and procedures lead to the expression of

discontent through insults and mockery (verbal aggression). Further, the

organizational climate has a significant but little impact on withdrawal, as the

ambiguity for the organizational goals and the lack of understanding and

cooperation by managers affects absenteeism and delays to work.

Key words: Counter-Productive Work Behavior, Organizational Climate,

Personality, Age And Gender Differences

JEL Classification: J20, J24, M55

83Institute for Population and Human Studies - Bulgarian Academy of Sciences, Sofia,

Bulgaria, [email protected] 84 Sofia University St. Kliment Ohridski, Sofia, Bulgaria, [email protected] 85 Sofia University St. Kliment Ohridski, Sofia, Bulgaria, [email protected]


PROMOTING VALUES AS A STRATEGY TO INCREASE EMPLOYEES' RETENTION IN NON-PROFIT

ORGANIZATION, EMPIRICAL STUDY IN KUWAIT

Rami Al-Asadi86

Hesham Gad87

ABSTRACT

This paper looks at the extent to which human resources professionals in non-

profit organizations (NPOs) in Kuwait implement strategies to promote values as a

means to retain staff. Much research has been conducted on employee retention

strategies; however, few studies have analyzed the relationship between employee

values and retention. This study will be pioneering as it is believed that no

research has been carried out in this area in Kuwait. With limited budgets, NPOs

are negatively impacted when employee turnover occurs, thus requiring NPOs to

think of different alternative methods that can be used to retain employees. In

order to answer the research question, a qualitative interview with a human

resources professional will be conducted. This paper will explore the area of

employee and organization value congruence and its effect on employee turnover.

In the final section of the paper, recommendations will be provided showcasing

various value-based employee retention strategies.

Key words:Values, P-O Fit, Employee Retention, Non-Profit Organization,

Strategy, Kuwait

JEL Classification: L 31, E 24, J 82

86HRM Department, College of Business Administration American University of the Middle East,

Kuwait, [email protected] 87 College of business Administration Higher Institute of Management and Computer Science Port

Said University, Egypt,[email protected]

mailto:[email protected]


THE IMPACT OF CAPITAL OF ILLEGAL ORIGIN USED IN PRIVATISATION ON EMPLOYMENT IN SERBIA

Slobodan Radonjic88

Miodrag Todorovic89

ABSTRACT

Organized criminal as a negative trend of worldwide process of globalization

strives to integrate the capital illegally gained through “money laundering” into

legal financial flows, which represents a criminal activity of high degree of social

danger. By infiltrating dirty money into legal financial and economic flows, the

criminals tend to put certain economic flows under control, in order to have a

direct impact on political processes and achieve their interests. Financial system

as a whole can be jeopardized by the efforts of criminals to hide the origin of their

capital gained through illicit actions, i.e. crime. “Money laundering” has

potentially devastating economic, security and social consequences. The economic

consequences of “money laundering” are the most significant ones and depending

on specific social-economic environment, they can be: undermining the integrity of

financial markets, the loss of control over economic policy, economic instability,

loss of tax revenues and jeopardizing the process of privatization.

The subject of this research is one specific aspect of observing the use of

illegal capital in privatization and its role on employment in Serbia.

A specific aspect of this contribution is the definition of economic and legal

aspects of “money laundering” impact on social-economic system changes under

the transition process in which changes of ownership relations arise, when social

property is transformed into private through illegal redistribution of capital. This

paper will also deal with legality that leads to illicit accumulation of wealth and

capital, gained as a consequence of investing illegal capital from “tax havens”, as

well as the forms and models of its legalization through privatization.

Key words: Money Laundering, Privatization, Illegal Capital, Employment

JEL Classification: K 42, M 54

88 Ministry of Finance, Tax Administration, Belgrade, Serbia, [email protected] 89 Ministry of Finance, Tax Administration, Belgrade, Serbia


REWARD SYSTEM IN THE SERVICE OF KNOWLEDGE MANAGEMENT

Dragana Buvac90

Ivana Matic91

ABSTRACT

One of the basic problems of successful knowledge management in modern

society is motivation of knowledge employees. In many cultures, it is considered

that knowledge gives power so that often employees are not interested in sharing

their knowledge with others. In addition, some experts, aware of their knowledge

and skills, easily join competitor companies, motivated by better working

conditions and remuneration. In this paper, we try to determine whether there is a

connection between employee reward systems and effective knowledge

management. Presuming that employees' motivation is affected by reward systems

and that effective knowledge management is affected by employees' motivation, we

have sought to determine how reward systems can be used in order to improve

knowledge management. Using historical, description and compilation methods,

through the analysis of hitherto studies, we have concluded that there is a strong

correlation between reward systems and knowledge management. We have also

discovered that these studies manifest significant differences in terms of the impact

of rewarding on knowledge acquisition, sharing and retention

Key words: Reward System, Salary, Motivation, Knowledge Sharing,

Knowledge Management.

JEL Classification: D 83, J 28

90 Belgrade Banking Academy, Belgrade, Serbia, [email protected] 91Belgrade Banking Academy, Belgrade,Serbia, [email protected]


IMPACTS OF THE ICT-A ON GLOBALIZATION, THE WAY OF LIVING, CHANGE THE STRUCTURE OF

BUSINESS PROCESSES AND EMPLOYMENT

Dragan Milosevic92,

Branko Markovic 93

ABSTRACT

The aim of the paper is to explore the impact of development trends in

information and communication technologies (ICT) on four phenomena of human

activity. The phenomena that are investigated and can predict where the most

significant changes under the influence of ICT development trends are, are the

following: the continuation of the process of globalization, lifestyle changes,

changes in business processes and changes in the labor market. This study was

conducted by content analysis and a comparative analysis of the results of multiple

studies on the same subject. The results of comparative content analysis of the

conducted surveys indicate significant changes in all four occurrences under the

influence of ICT. The process of globalization will continue where more individuals

can compete with each other on the global labor market. The introduction of

computerized robots in production will result in the coming period to a loss of a

large number of jobs. Most routine work processes will eventually be entrusted to

robots which are managed by computers networked via the Internet. On the other

hand, the development of ICT will unlock the need for many new jobs and

occupations that lacked to exist previously. This work should contribute to

understanding the importance of the ICT infrastructure and the development of

training programs for new occupations and jobs. Countries that fail to devote due

attention to investment in ICT infrastructure and the education system will be faced

with huge economic and social problems.

Key words: ICT, Globalization, Processes, Outsourcing, Freelancer

JEL Classification: O33

92Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected] 93Prointer ITSS, Banja Luka, Republika Bosna i Hercegovina, [email protected]


YOUTH CO-OPERATIVES IN COURT PRACTICE IN THE REPUBLIC OF SERBIA

Zoran Radulovic 94

Slavoljub Sljivic 95

ABSTRACT

Youth cooperatives in Serbia is an integral part of the cooperative system,

which means that even in the legislative sense, this important social and economic

field is regulated by a law which includes all types of cooperatives, which is not the

case in all occasions of legal regulation of cooperatives.

Regarding the legal regulation of cooperative authorities, as the first question

arises: is it better solution for complete substance to be regulated by a law or that,

when scaling, emphasizes the specificity of certain forms of cooperatives by

adoption of special laws? In Serbia, court practice has certain characteristics os

sources of law, although not primary as in the Anglo-Saxon legal system.

As contentious situations appear in every field of social life (in the most

extreme cases, they lead to litigations), by analysis of the same it can be to obtain

relevant answers to a series legal and theoretical and practical issues which can

be of importance when performing the most important legal activity – conceiving

legislative regulations. In the cooperative – judicial practice we can find the

characteristic decisions with a legal effect beyond the scope of the authorities

concerned, in this case of cooperatives. Also, it is important to identify decisions,

solving the individual case, provide a roadmap for resolving the series of similar

contentious situations, as well as the directions of possible legislative amending.

Key words: Cooperatives, Youth (Student) Cooperatives, The Court, The Court

Decision

JEL Classification: L 31, K 31, J 82

94 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected] 95 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected]


SERBIAN ROAD TO THE EU: FINANCE, INSURANCE AND MONETARY POLICY


SPECIFICS OF OBSTACLES OF SERBIA ON ITS PATH TOWARDS EU

Milan Beslac96

Jovica Beslac97

ABSTRAKT

There is no doubt that the EU is currently the largest and economically most

powerful regional economic integration. From this point of view, path and

joining Serbia to the EU should not be a dilemma. It is always good to be with the

best. But the process of Serbia's accession to full membership in the EU, political

and economic elite in Serbia represents it as a path without alternative. But there

is no doubt that Serbia , on the path to EU, expects many obstacles related to its

internal political order (Status of the Autonomous Province of Kosovo and

Metohija), the relationship between neighbors and their demands towards Serbia

during the accession process (which is best seen when opening chapter 23 and 24)

as well as various barrier is to arise because of the relations between the EU

member states (as is evident from the attitude towards Russia and attitudes towards

migrant crisis) as well as the inevitable transformation of the EU itself in the

future. Therefore, there is a reasonable question, whether the Serbia's path and

joining to full membership in the EU really has no alternative and whether benefits

which will be achieved by joining the EU are the same as victims that will have to

be submitted for full membership in the EU. The primary goal of this paper is to

show that Serbia's path towards full membership has both economic and political

justification, but that that path should be built so that in case of insurmountable

obstacles path has an alternative.

Key words: Accession, EU, Serbia, The obstacles, The transformation of the EU

JEL Classification: F36,F53

96 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected] 97 Faculty of Civil Engineering Belgrade, Faculty of Business Economics and Entrepreneurship,

Belgrade, Serbia


IMPROVING THE ECONOMY – THE PATH TO THE EUROPEAN UNION

Vladimir Ristanovic98

Stefan Zimonjic99

ABSTRACT

In this paper, attention is focused on the importance of economic integration

for a single economy. The theoretical concept of the optimum currency areas

suggests that regional or economic integration is an important element in the

improvement of the economy, if certain criteria are met! In developed economies,

the higher the level of fulfilment of the criteria, the greater the benefits of the

integration. Serbia, as underdeveloped economy, will suffer major damages in the

integration until it changes the structure of the economy (relying on the horizontal

intra-industry trade and through technologically more intensive production

process) and adapts to the competitive market. Serbian economy will be faced with

unfavourable and imposed deflationary adjustment process, which will deepen the

low GDP, low wages and high unemployment. At the same time, a high degree of

integration is not a guarantee of overall progress when there is no full

coordination of economic policies within the integration, as is the case in the EU.

Therefore, Serbia should improve the economy, change the structure of production

and trade and take advantage of the open market. By achieving these goals it will

be easier and cheaper in the process of adjustment to the EU, and simultaneously a

good chance for Serbia to realize greater benefits than costs in the future.

Key words: Strengthen Economy, Economic Integration, Intra-Industry Trade

JEL Classification: E06, F04, O03

98 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected] 99 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia,

[email protected]


PUBLIC SECTOR MANAGEMENT AND ECONOMIC COOPERATION WITH EU IN CONTEMPORARY

DEVELOPING COUNTRIES

Yulianna Voloshyna 100

Berislav Andrlic101

Mario Hak102

ABSTRACT

In the article, authors are aiming to present the management of political

system of Ukraine and its connection to international political and economic

development possibilities on EU market. In the first part institutions of political

system are presented. Special attention is paid to composition, structure and role of

the Ukrainian public administration management. In the second part of this text

short explanation of current economic events is given. At the end author explains

importance of strengthening the economic relations between Ukraine and

European Union. In this manner, also global marketing and financial aspects are

taken into the considerations. It is clearly visible that Ukraine can benefit from

further cooperation with the European Union financially, economically as well as

from the perspective of the development of the society.

Key words: Management, Market, Development, Structure Of The

Government, European Union, Ukraine

JEL Classification: F63, X 83

100 Economical Faculty of Uzhgorod National University, Ukraine, [email protected] 101 Polytechnic in Pozega, Croatia, [email protected] 102 Tax Office Pozega, Croatia, [email protected]


INSURANCE – KEY STRATEGY FOR MANAGING CATASTROPHIC RISKS

Vera Karadjova103

ABSTRACT

Risks are inevitable, objective category faced by all people and all business

entities and they are widespread in all areas of human existence. Risks as an

objective category exist regardless of the people wishes and needs and regardless

of the level of the human community development. Despite the fact that by the

science and technology development a number of risks belong to history

(epidemics, some once-fatal diseases etc.), there are also a number of risks that

people in modern conditions cannot resist. In this category the greatest threats are

so-called catastrophic risks in which there are two main categories:

(1) Climate changes; and

(2) Natural disasters (earthquakes, floods, etc.).

This paper concerns to the need of insurance against catastrophic risks, as one

of the strategies to manage these risks. It is about risk hedging that is not an

immediate and technical, but indirect, have an economic nature and is achieved by

compensating the damages by association; risk sharing and jointly covering of the

damages.

Key words: Catastrophic Risks, Insurance, Natural Disasters, Climate

Changes, Uncertainty

JEL Classification: G22, G32

103Faculty of tourism and hospitality, Ohrid, Republic of Macedonia, [email protected]


ACTUARIAL TARIFF FORMATION BASICS FOR LIFE INSURANCE PRODUCTS

Dusan Cogoljevic104

Tatjana Piljan105

ABSTRACT

Life insurance is the most perfect type of savings and it is of the utmost

importance for the economic system of one country. Life insurance is also

important for individuals who want to ensure themselves in case of old age,

reduction of work abilities, to secure their families in material sense in case of

their death, etc. It is in the interest of every state to have as many insurance

companies and as good offer of life insurances. Today’s modern insurance cannot

be imagined without the application of statistical and mathematical methods and

actuarial mathematics in the calculation of insurance tariffs.

The topic of this paper are actuarial basics of tariff formation for life

insurance products which are applied and can be successfully applied in our

conditions. Special attention shall be paid to deferred lifelong personal annuity,

mixed insurance of capital and family insurance. In addition to individual life

insurance, we shall also explain the insurance of two lives.

This paper gives a detailed procedure of determining tariffs, i.e. prices

for deferred lifelong personal annuity, mixed insurance of capital and family

insurance. Within family insurance for two, three or more persons on the

basis of the theory of probability, we provided you with different possibilities

which can occur in practice and with tariffs calculated based on that.

Key words: Life Insurance, Statistical And Mathematical Methods,

Actuarial Mathematics, Insurance Tariffs



[email protected] 105Higher business school of vocational studies "Radomir Bojković PhD", Krusevac, Serbia

[email protected]


THE CONFIDENCE OF USERS IN PUBLIC AND PRIVATE HEALTH FACILITIES

Tatjana Piljan106

Milica Zivkovic107

ABSTRACT

Healthcare system in Serbia should secure an adequate level of health for the

citizens of Serbia because health is the foundation of rapid political and economic

development. The system is pointed towards securing an easy availability of all

healthcare services for the entire population. However, pushed by a difficult

economic situation, the healthcare system is facing a number of financial

problems, organizational problems and the actual functionality of the healthcare.

These problems have a significant effect on the quality of healthcare services and

they are the reason for the existing gap between expectations which healthcare

users have and the real possibilities of the healthcare facilities which caused the

drop of confidence in healthcare institutions.

In this paper, we have shown the results of the research about the user's

opinion on the healthcare quality and the level of trust in state and private

institutions. Research results are shown according to the level of education, age,

gender, employment and years of work.

Results have shown that the majority of users don't have the trust in healthcare

institutions because only 25% said that they trust the state institutions and about

38% that they trust the private sector.

Key words: Healthcare protection, Healthcare services, Level of trust in

healthcare institutions.

JEL Classification : I13

106Higher business school of vocational studies "Radomir Bojković PhD", Krusevac, Serbia,

[email protected] 107 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected]


ACTUARIAL ASSESSMENT OF TECHNICAL RESERVES IN NON-LIFE INSURANCE

Ivan Piljan108

Dusan Cogoljevic109

ABSTRACT

The objective of this paper is to describe from actuarial perspective the

calculation methodology and the way of placing funds of technical reserves in non-life

insurance. Reserves in insurance are there to ensure normal functioning of insurance

companies. Two basic types of reserves are guarantee and technical funds.

Survival of insurance companies in a turbulent environment imposes the need

for placing surplus of resources. The range of engaging technical reserves is

determined by the gravity of risk and by the profit we want to make.

Proper and actuarially adequate assessment of reserves is a precondition for

ensuring stable and safe business activities of insurers and it will enable them to

settle their obligations to the insured in time.

Reserves are used to cover negative deviations of greater damages from

smaller premium payments, and are formed from the excess of collected

premiums in comparison to the paid amounts of damages on the basis of

compensation in certain years.

Each investment is more or less subject to risk.

This paper deals with the researching and proving of the significance of three

key factors concerning the guarantee of insurer’s solvency: technical reserves

assessment, investment of resources covered by the appropriate technical reserves

and ensuring the adequate solvency margin.

The result of this research was the description and determination of the

dependency of financial stability and successful business activities of insurance

companies on the actuarially adequate assessment of insurance reserves...

Key words: Technical Reserves, Reserve Assessment, Insurance Companies,

Investments, Risk, Risk Management.


108 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia,[email protected] 109 Faculty of Business Economics and Entrepreneurship, Belgrade,

Serbia,[email protected]


ASYMMETRIC INFORMATION INFLUENCE ON EFFICIENCY OF CAPITAL MARKET

Jelena Minovic110

ABSTRACT

The paper research issues related to asymmetric information on capital markets.

It is realistic to assume that all market participants do not have available all the

information. The Serbian capital market is characterized by high informational

asymmetry between investors. Therefore, it is necessary to consider asymmetric

information on the capital market, and estimate its impact on the expected asset

returns. Thus, in this paper we described issues related to asymmetric information on

the Serbian capital market. Public reporting in Serbia doesn’t have any serious

rules, and insider information is widely used. It was happened that people respond

on rumours with large investments. The paper presents the probability of informed

trading (PIT measure), which would be a useful indicator of liquidity for emerging

and frontier markets. Therefore, the main goal of this paper is to examine impact of

asymmetric information on efficiency of capital markets. More precisely, it considers

market equilibrium with investors who have asymmetrical information. For this

reason, the paper presents empirical model in order to examine the impact of

asymmetric information on the assets pricing. Generally, capital markets are not

perfect. In particular, emerging and frontier markets are not perfect, specifically (for

example, the Serbian capital market). However, there is information asymmetry

through which borrowers (securities issuers) know more about the risks than the

lenders to (securities purchasers). Thus, market participants may be reluctant to

trade with these assets, whose characteristics and behaviour under varying economic

conditions are not well known. The paper presents all advantages and disadvantages

of studied models.

Key words: Asymmetric Information, Probability Of Informed Trading,

Efficiency Financial Market, Expected Eeturn

JEL Classification: G14, G12, G02

110 Institute of Economic Sciences, Belgrade, Serbia, [email protected]


IMPORTANCE OF BANK MARKETING INFORMATION SYSTEM (BMIS) IN MODERN BANKING

Sanja Kostevski111

Nevena Jovanovic112

ABSTRACT

Banks collect numerous important information through market research. One

of the activities of the bank is to process and systematize all available information

about the customer service and competition in the financial sector by using its

banking information system before planning marketing activities.

Banks use marketing information systems to collect, process, and analyze

information collected from internal and external resources with an aim to use this

information as guidance and support in decision making process.

BMIS is a powerful tool in data collection form internal and external

environment and it utilizes Marketing Information System through which banks

collect everyday information about events in the marketing environment.

The aim of this paper is to highlight the importance of application of Banking

Information systems in modern banking.

Key words: Banks, Marketing information system, Marketing Intelligence,

Internal Environment, External Environment


111 Belgrade Banking Academy, Belgrade, Serbia, [email protected] 112 Belgrade Banking Academy, Belgrade, Serbia, [email protected]

mailto:[email protected]


PUBLIC SECTOR WAGE PREMIUM IN SERBIA: EVIDENCE FROM SILC DATA

Marko Vladisavljevic113

Dragica Jovancevic114

ABSTRACT

In many European countries, employees in the public sector have higher

average wages than workers in the private sector. This difference can partially be

explained by better characteristics of the workers in the public sector, such as

higher level of education or more work experience. However, previous research

shows that even after we control these characteristics, the public sector pays

higher wages i.e. that, in many European countries, there is a public sector wage

premium. In other words, workers in the public sector earn more than the workers

in the private sector, for the "same" job. Historically, in Serbia, public sector wage

premium went from significantly negative, i.e. higher wages in the private sector

(in 1995), to moderately positive premium (in 2008).

This paper aims to assess the wage gap between the public and private sector

in Serbia, using Survey on Income and Living Conditions (SILC) data from 2013

and the wage decomposition methodology. In addition to providing new data on

the gap in wages and public sector premium in Serbia, this paper aims to provide a

better understanding of how different characteristics of the workers in the private

and public sector affect the gap in wages.

Results show that in Serbia, in 2013, average hourly wage in the public sector

was by 33.4% higher than in the private sector. As public sector workers have

higher levels of education and are more likely to work in better paid jobs than

workers in the private sector, the estimated value of the public sector wage

premium is 17.2%. The estimated value of the public sector wage premium in

Serbia is relatively high, when compared to the other European countries.

Key words: Public Sector Wage Premium, Wage Differential, Survey on

Income and Living Conditions, Serbia

JEL Classification: J31, J54, J45

113 Institute of Economic Science, Belgrade, Serbia, [email protected] 114 Faculty of Business Economics and Entrepreneurship, Belgrade,

Serbia,[email protected]


THE IMPACT OF THE CREDIT POLICY OF BANKS AND INCENTIVE FUNDS ON MSMEs SECTOR

GROWTH IN SERBIA

Dejan Radulovic 115

Renata Pindzo116

ABSTRACT

The authors have analyzed financial sources and their structure, credit policy

of banking and other financial organizations and their impact on growth and

development of micro, small and medium enterprises (MSMEs). The paper

analyzes problems and the impact of different sources of financing on the growth

and development of MSMEs in Serbia. Problems are reflected in the chronic lack

of system regulations and measures that determine and regulate the financial

support for the financial organization (especially non-banking) and the MSME

sector. The paper contains proposals for resolving the existing problems regarding

financing MSMEs and development of the financial market through the

introduction of new financial instruments. These measures should facilitate and

promote the establishment, development and sustainability of new and existing

MSMEs in Serbia which will lead to job creation and encourage educational

processes for management and employees (existing and newcomers) in accordance

with the MSMEs best practice in the EU.

Key words: Financial Sources, Banks, Funds, Credit Policy, Micro, Small And

Medium-Sized Companies

JEL Classification: E52, L53

115 Faculty for economics and management engineering in Novi Sad (FIMEK), former

assistant minister in the Government of the Republic of Serbia in the period 2010-2014, in

charge for the sustainable regional development as well as for the development of SMEs

and business infrastructure, [email protected]. 116 Faculty for Economics, Finance and Administration, Singidunum University and

Assistant Minister in the Ministry for Trade, Tourism and Telecommunications, Sector for

Tourism, (2008-present).


FINANCIAL ANALYSIS OF DIFFERENT CATEGORIES OF FARM IN SELECTED AREAS OF MYMENSINGH

DISTRICT

Limon Deb117

Mohammad Shajahan Kabir118

Mohammad Asaduzzaman119

Mohammad Homayun Kabir120

ABSTRACT

This study dealt with the objectives of financial analysis of farms using

primary data in two villages of Mymensingh Sadar including socioeconomic

investigation and analysis of balance sheet, income statement and ratios. A total of

100 farms including 45 small, 35 medium and 20 large were randomly selected for

the study. Socioeconomic analysis showed that indebtedness was higher in large

farms than those of small and medium ones. Large farms also engaged more in

farm activities than others. All of the asset position, income expenditure and saving

were positively related with farm size but non-farm income was negatively related.

Analysis of balance sheet depicted that all the farms became able to generate a

positive net worth which was the highest in large farms followed by small and

medium ones in terms of percentage term. Income statement analysis showed that

each of the farms was profitable and earned positive net profit at the end of the

accounting year. Net profit had a positive relation with farm size. Results of ratio

analysis expressed that none of the farms was fully financially strong. But

maximum of seven ratios were favorable to large farms followed by small and

medium farms. So, considering overall situation, large farms were relatively strong

followed by small and medium farms in the study area. This study suggests for

similar studies in other parts of country to develop a benchmark for comparison

which is almost absent in present situation of Bangladesh.

Key words:Farms,Analysis, Bangladesh

JEL Classification: D13, Q14

117 Bangladesh,[email protected] 118 Bangladesh Agricultural University, Mymensingh, Bangladesh, e-mail: [email protected]

[email protected] 119 Bangladesh Agricultural University, Mymensingh, Bangladesh, e-mail: [email protected] 120 Bangladesh


TOURIST FACILITIES AS A INNOVATIVE FACTORS OF DEVELOPMENT RURAL ENTREPRENEURSHIP IN

THE REPUBLIC OF SERBIA

Radovan Pejanovic 121

Gordana Radovic 122

ABSTRACT

The aim of paper is to highlight the importance of developing innovative

tourist facilities for the development of rural tourism and rural entrepreneurship in

the Republic of Serbia. The development of rural tourism has a double effect on the

development of rural entrepreneurship. On the one hand, the development of rural

tourism is the result of the growth of entrepreneurial activity, where is the

development of innovative tourism facilities of great importance. On the other

hand, the development of rural tourism can initiate the development of rural

entrepreneurship in order to meet differentiated needs of tourists. Authors consider

that in the previous period despite potential resources, tourist facilities were not

adequate placed and valued in rural tourism. Also, the authors consider that an

innovative tourist facilities should based on tourism resources, to affirm the typical

local ethno characteristics, especially ethnographic and gastronomic events that

take place in rural areas. In order to develop tourist facilities it is necessary to

define the potential modalities of their financing. The modalities of financing

tourist facilities are of vital importance for the development of rural tourism

because the majority subjects of rural tourism, due to the small tourist turnover,

without financial means for self-financing.

Key words: Tourist Facilities, Rural Tourism, Rural Entrepreneurship,

Financing, The Republic of Serbia

JEL Classification: R19

121Faculty of Agriculture, University of Novi Sad, Serbia, e-mail: [email protected]. 122“Dnevnik-Poljoprivrednik” AD, Novi Sad, Serbia, e-mail:[email protected].


PROJECTION ON EXCISE REVENUE GENERATION IN THE BUDGET OF THE REPUBLIC OF SERBIA FROM

2016 TO 2030

Mirjana Stevanovic 123

Jelena Barac124

ABSTRACT

Throughout history, the state kept on spreading itself and in that way it was spreading

its jurisdiction, functions and all of that requires large financial resources. Therefore, the

tax administration is the one which should provide those financial resources. That is really

hard to pull off in practice, hence there are frequent reforms of the tax system. Frequent

changes aren’t good for the economic and tax stability. The main reform in Serbia is the

tax reform, whose goal is to provide tax payers with a job, salary and to pay their taxes. On

the other side, the increase of tax revenue is required to decrease the deficit of the budget,

decrease the debt of the state and to provide requirements for encouraging the industrial

growth. It is a fact that the majority of tax payers, if not all of them, would like to have

lower taxes. Taxes have always presented a load for the ones who pay them and that will

always stay that way. Frequent changes of tax regulations, changing the rates of taxes,

large tax debts, frequent reprogramming of debts, public costs which are larger than public

revenues indicate the instability of our country’s tax system. Primary goals of the tax

system reform in our state have to be: adjusting to the European regulation, collecting

larger taxes, taxation in accordance with the economic strength of the tax payers.

This paper dealt with the analysis of excise crediting in the Republic of Serbia in the

period from 2005, up to 2015 with a projection until 2030.

Tthe results of this study should be useful for the understanding of the importance of a large

number of tax payers of excise taxes (taxes on products) both in the present and in the future.

The aim of the paper should be to show us and indicate the necessity of: adopting the Law

on Excise Tax which would be in effect for decades without requiring any changes and

amendments, and with the previous analysis of the efficiency or inefficiency of earlier fiscal

policy in our country; the Law se prevents tax evasion. There is the necessity of harmony

between economic, financial and tax policy, the need to adopt measures that would be aimed at:

increasing excise revenue generation in the budget of the Republic of Serbia, the equality of

everybody in front of the Law, reducing gray economy, the elimination of reprogramming.

Key words: Tax Policy, Tax Reform, Taxpayers, Tax Principles, Excise

JEL Classification: H25, H27

123 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected] 124 [email protected]


STUDENTS ABSTRACTS


TYPES OF DIRECT MARKETING IN CONTEMPORARY BUSINESS CONDITIONS

Dusan Garabinovic125

ABSTRACT

Contemporary business system is characterized by numerous changes that are

happening in its various spheres. Constant adjustments and, at the same time, use

of those changes as good business opportunities represent a request that is not only

desirable but it is also imposed as the basis for the achievement of success in

today’s business relations that are based on competitiveness. Those who accept

that have a chance to get the targeted prize – profit, and individuals who are not

ready for a flexible way of doing business, a market-based business, cannot hope

for good results.

Each participant of this unique business game sets the objectives to which they

are striving when performing their activities. On the one hand, they are different in

accordance with the differences among organizations and on the other hand, in

most cases they are connected by their focus on the achievement and maximization

of profit. In order to realize the previously defined objectives it is important to

focus on the most important subject that appears on the competitive market, and

that is the consumer. Without meeting the needs of the consumer in the conditions

of tough competition and consumer society, the interests of the salesmen also won’t

be met. Marketing has, based on that, become an unavoidable part of the business

process and an indispensable part of total activities that lead to the making of

profit that is based on consumers’ satisfaction.

The objective of this paper is to point out to the position and importance of

direct marketing among other forms of marketing, as well as to the uniqueness of

direct mail, telemarketing, and catalog marketing, personal selling as well as of

other types of direct marketing so as to be able to consider its most important

characteristics because of which it was and still is one of the most important forms

of marketing.

Key words: Direct Marketing, Direct Mail, Telemarketing, Catalog Marketing,

Personal Selling

JEL Classification: M30, M31

125Faculty of Business Economic and Entrepreneurship, Belgrade, Serbia,

[email protected]


THE INFLUENCE OF INNOVATIONS ON THE DEVELOPMENT OF ENTREPRENEURSHIP

Natalija Cvrkotic126

Jovana Mijalkovic127

ABSTRACT

In the global economy and economics, entrepreneurship represents an

important process in the development of world economy because innovations are

the crucial characteristic of entrepreneurship and only with the use of innovations

can we achieve competitive advantage and survive in the long run on today’s

market. Individuals who can recognize favorable opportunities and use them by

creating something unique and making profit are necessary for entrepreneurship.

People who are ready to take the risk and invest their capital into the creation of

new goods are entrepreneurs. They are guided by a strong desire to succeed, they

are ambitious, have the knowledge, can solve conflicts and can be leaders.

Entrepreneurs have to bring their creative ideas to fruition that will be reflected in

form of something completely new or significantly altered (product, service,

process of production…) However, it isn’t enough just to create something new, the

objective is that the innovation is accepted on the market and that it brings

financial and personal satisfactions to the entrepreneur.

Key words: Entrepreneurship, Entrepreneur, Innovations, Innovative

Organizations



[email protected] 127Faculty of Organizational Sciences, Belgrade, Serbia, [email protected]


ENTREPRENEURSHIP – THE FUTURE OF MODERN SOCIETY

Jovana Feliks128

ABSTRACT

The objective of this paper is to explain the notion of entrepreneurship to

entrepreneurs, to show them in what to pay their attention when starting a new

business, what the obstacles that can occur are and how to develop their own

business. In order to start a new business, it is necessary to have a clear vision and

an idea, to carry out an assessment of the market, customer requests and the

competition and to make a good business plan that would attract investors. For the

development of entrepreneurship, the state has to raise awareness about its

significance and provide greater support and help for the beginners in business.

The market is a dynamic space on which changes occur on a daily basis. In order to

survive on the market and develop business, it is necessary to notice those changes

and use them in the right way. The causes of crisis could be poor assessments,

mistakes in the accounting department, poor marketing, unqualified personnel,

weak promotion, tax policies, natural catastrophes, strikes etc. The characteristics

of successful entrepreneurs are innovativeness, vision, self-confidence, motivation,

being energetic, and desire to learn and make progress. In order to survive on the

market, it is necessary to constantly look for new opportunities and challenges, and

to have a desire to constantly promote products, processes and personal knowledge.

Contemporary entrepreneurs have to keep up with the trends and time we are in

and to implement innovations in their business in accordance with the changes in

society.

It is necessary to pay more attention to entrepreneurship because it is a

precondition for the overall development of the economy and society.

Key words: Entrepreneurship, Development, Barriers, Changes.

JEL Classification: O10

128 Student, the Faculty of Business Economics and Entrepreneurship, Jagodina, Serbia,

[email protected]


HARMONIZATION AND STANDARDIZATION OF ACCOUNTING AND AUDITING PRACTICE

Predrag Suvakov129,

Vidosava Sekicki130

ABSTRACT

The objective of the accounting standards is achieved if the financial reports

are giving a truthful and objective, the so-called fair, information about a certain

economic subject. The application of accounting and auditing standards enables a

better, easier and more reliable information about the financial position of a

certain economic subject as well as the review of their earning capacity, which is

in the interest of potential users of financial information such as: shareholders,

management, employees, investors, banks etc. Before we reveal financial reports to

the public, they have to be revised by the independent authorized experts such as

auditors.

Given the fact that the national legislative solutions were significantly

different from one another, several initiatives for the harmonization of these issues

have been started up at the international level.

Accounting standards represent the concepts we use for converting

accounting records into reliable accounting reports, i.e. unified rules for external

reporting.

The purpose of the International auditing standards is reflected in establishing

standards and giving directives when defining the objectives and in respecting

general principles when carrying out the audit of financial reports.

Key words: Accounting, Auditing, Harmonization, Code of Ethics

JEL Classification: M41, M42

129NIS j.s.c, Novi Sad , Serbia, [email protected] 130Tax Administration, Novi Sad, Serbia, [email protected]


THE FISCAL CHARACTER OF THE EXCISE AND ITS INFLUENCE ON THE CONSUMPTION AND SOCIAL

POLITICS IN THE REPUBLIC OF SERBIA

Tamara Vesic131

,

ABSTRACT

In the focus of this paper are excises as a specific type of indirect taxes that, in

addition to value added taxes, take an important place in the structure of public

revenue of the Republic of Serbia. How? The excise doesn’t only have a fiscal

character and in this paper we paid attention to other reasons for the

implementation of excises – the influence on the consumption of certain products

harmful to health of the citizens, management of social politics, politics of our

environment etc.

We also paid special attention to emphasize the excises in the tax system of the

Republic of Serbia and their legal regulative through the Law on Excise. We

analyzed new legislative solutions of excises on tobacco (the method of calculating

excises on tobacco and tobacco products), as well as the rates of some of the most

important excise products.

Key words: Excise, Excise Rate, Taxation through Excises, Tax, Public

Revenue

JEL Classification: X20, X30, K34

131 Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia, [email protected]


CIP - Каталогизација у публикацији Народна библиотека Србије, Београд 334.71(082) 005.961:005.9(082) 005.961:005.9:316(082) INTERNATIONAL Conference Employment, Education and Enterpreneurship (3rd ; 2014 ; Belgrade) Entrepreneurship : factors affectin small-scale business performance and development / #[The #Third] International Conference Employment, Education and Enterpreneurship [EEE 2014], 15-17 October 2014 Belgrade Serbia ; [organizer Faculty of Business Economics and Entrepreneurship ; editors Mirjana Radovic Markovic, Sladjana Vujicic, Dragan Ivkovic]. - Belgrade : Faculty of Business Economics and Enterpreneurship, 2014 (Valjevo : Valjevoprint). - 537 str. : graf. prikazi, tabele ; 25 cm Tiraž 250. - Str. 11-12: Foreword / Mirjana Radovic-Markovic. - Napomene i bibliografske reference uz tekst. - Bibliografija uz svaki rad. ISBN 978-86-6069-106-6 1. Radović Marković, Mirjana [уредник] [аутор додатног текста] 2. Visoka škola za poslovnu ekonomiju i preduzetništvo (Beograd) a) Мала привреда - Предузетништво - Зборници b) Предузетништво - Зборници c) Предузетништво - Социолошки аспект - Зборници COBISS.SR-ID 210590476

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